Thu, 04 Jul 2019 | DIVISION SALE
A large retail agency and professional services business has appointed administrators and ceased trading with its rural auction branch.
With eight sites across Cheshire and Derbyshire, Wright Marshall currently employs 129 employees across its company. The staff work to deliver a range of services including real estate and professional services, as well as fine art auction houses and a rural auction mart.
Anthony Collier and Ben Woolrych, partners at FRP Advisory LLP, were called in on 26th June 2019 to manage the administration process, which reportedly follows a long period of poor trade and a significant reduction in the amount of livestock being taken to the auctions.
Additionally, three successive sales have been cancelled by the firm this month alone, with farmers complaining that the cheques paid to them by the company have bounced.
"Wright Marshall is a well-established business in Cheshire and Derbyshire, providing a range of services for the local community," said Anthony Collier.
"The challenges facing the agricultural sector are well documented, and the downturn in livestock volumes being sold through the auction mart have resulted in this business making unsustainable losses."
Wright Marshall was first launched in 1843 and recently announced the sale of all areas of its business. However, the real estate branch has recently been acquired by rivals Petty's Estate Agent, including its commercial and residential lettings and sales services.
Petty stated that the deal would be used to fund investment in the latest technology, which will allow the creation of a network of tech-enabled estate agencies that will stretch across the North of England.
According to the administrators, trade will continue within the fine art and rural auction divisions while they search for a buyer for the company.
For more news stories about administrations click here. For all our administrations listings, click here.
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