Jump to content
House Price Crash Forum
woof

Yorkshire Ea Goes Bust

Recommended Posts

Estate agency failure leaves big debt

Kathryn Moore and James Reed

ANGRY creditors have been left owed thousands of pounds after a Yorkshire estate agent went into administration, it emerged yesterday.

Jump Group Ltd went into administration on Thursday afternoon but a deal yesterday that kept it open saw its assets sold to founder and former managing director Jason Butler, who was a shareholder in the collapsed company.

The deal means the 100 staff of the Leeds-based firm, which has offices across the region, will keep their jobs.

Its collapse was blamed on the downturn in the housing market which left the firm unable to pay its bills. Debts are put at £4.5m.

Joint administrators Paul Whitwam and Gary Blackburn, from BWC Business Solutions, were appointed on Thursday and completed the deal with Mr Butler's company Jazbut plc yesterday.

Mr Whitwam said the company's assets had been sold for about £1m, which would now be used to pay off its debts, although it was unlikely unsecured creditors would receive payment.

"Customers will still have someone selling their houses," he added.

Mr Whitwam said the company had reached the point where staff were not going to be paid and landlords were threatening to change locks.

One of the businesses affected by yesterday's announcement was Leeds stationary supply firm Essential Office.

Managing director Paul Rodney claimed he had been chasing a debt of £10,000 for five months.

He threatened to go into every Jump office in the region and remove everything his firm supplied if he did not receive a cheque by Monday morning.

06 August 2005

Link

Share this post


Link to post
Share on other sites
Estate agency failure leaves big debt

One of the businesses affected by yesterday's announcement was Leeds stationary supply firm Essential Office.

Managing director Paul Rodney claimed he had been chasing a debt of £10,000 for five months.

He threatened to go into every Jump office in the region and remove everything his firm supplied if he did not receive a cheque by Monday morning.

Link

We now live in a society where nobody is accountable, anyone with an idea to make money can set up shop and close it down when the going gets tough, come on gang join the club its a free for all, New Labour New work ethic, new busines thinking, run up debts of 100K and just sign here to right them off. You're really missing out sitting on the fence waiting for the crash, here my business plan, put a advert in the newpaper saying 100% gauraneteed way of saving on your utility bills just sent me £10, as the money rolls in I issue my customers with a piece of wood with a nail through it for sticking bills to, other variations could be fridge magents etc, see it's easy.

Edited by Dicky

Share this post


Link to post
Share on other sites

Extracted from article.

"Mr Whitwam said the company had reached the point where staff were not going to be paid and landlords were threatening to change locks."

This is how the landlords will treat thier tenants, with no bloody respect whatsoever. Change the locks,throw them out, sod the law, sod the fact the tenants paid the estate agency, tenants are not people just a source of income. In the property caste system they are bottom of the pile. I hope they fight back like hell.

Edited by deano

Share this post


Link to post
Share on other sites
Extracted from article.

"Mr Whitwam said the company had reached the point where staff were not going to be paid and landlords were threatening to change locks."

This is how the landlords will treat thier tenants, with no bloody respect whatsoever.  Change the locks,throw them out, sod the law, sod the fact the tenants paid the estate agency, tenants are not people just a source of income.  In the property caste system they are bottom of the pile.  I hope they fight back like hell.

I don't think the article meant that Landlord swho owned porerties for which this Estate Agency was acting as letting agents are planning to change the locks on their own residencial tenants. It means that the Landlords who own the business premisise that the estate agent uses as it's own offices were threatening to change the locks because the agency had not kept up with its lease payments.

Share this post


Link to post
Share on other sites
Estate agency failure leaves big debt

Kathryn Moore and James Reed

ANGRY creditors have been left owed thousands of pounds after a Yorkshire estate agent went into administration, it emerged yesterday.

Jump Group Ltd went into administration on Thursday afternoon but a deal yesterday that kept it open saw its assets sold to founder and former managing director Jason Butler, who was a shareholder in the collapsed company.

The deal means the 100 staff of the Leeds-based firm, which has offices across the region, will keep their jobs.

Its collapse was blamed on the downturn in the housing market which left the firm unable to pay its bills. Debts are put at £4.5m.

Joint administrators Paul Whitwam and Gary Blackburn, from BWC Business Solutions, were appointed on Thursday and completed the deal with Mr Butler's company Jazbut plc yesterday.

Mr Whitwam said the company's assets had been sold for about £1m, which would now be used to pay off its debts, although it was unlikely unsecured creditors would receive payment.

"Customers will still have someone selling their houses," he added.

Mr Whitwam said the company had reached the point where staff were not going to be paid and landlords were threatening to change locks.

One of the businesses affected by yesterday's announcement was Leeds stationary supply firm Essential Office.

Managing director Paul Rodney claimed he had been chasing a debt of £10,000 for five months.

He threatened to go into every Jump office in the region and remove everything his firm supplied if he did not receive a cheque by Monday morning.

06 August 2005

Link

And this is in Yorkshire where we are probably nearly a year behind the slowdown in the Southeast. Prices had still been rising and houses selling until a couple of months ago.

Share this post


Link to post
Share on other sites
And this is in Yorkshire where we are probably nearly a year behind the slowdown in the Southeast. Prices had still been rising and houses selling until a couple of months ago.

I'd say Yorkshire is centuries behind, ever seen Last Of the Summer wine, I rest my case.

Share this post


Link to post
Share on other sites
Extracted from article.

"Mr Whitwam said the company had reached the point where staff were not going to be paid and landlords were threatening to change locks."

This is how the landlords will treat thier tenants, with no bloody respect whatsoever.  Change the locks,throw them out, sod the law, sod the fact the tenants paid the estate agency, tenants are not people just a source of income.  In the property caste system they are bottom of the pile.  I hope they fight back like hell.

I imagine that refers to the Landlords of the Estate Agency offices changing the locks on the offices - it couldn't be landlords and tenants of their properties. That is just a little bit against the law.

Postscript - Apologies - just seen someone has already mentioned this.

Edited by Marina

Share this post


Link to post
Share on other sites

One can only speculate as to how much the Inland Revenue are owed............I shed no tears for firm and will press for an investigation of allegedly trading whilst insolvent.

But hold on a minute isn't that what UK plc is doing with huge borrowings!!!!!!!!!!!!!!!.

Share this post


Link to post
Share on other sites

The agents that survive this will be the little guys with one or two offices who have been around for years. The ones that grew from 2 offices to 12 offices over the last 10 years - who have 100 or more staff - who may even have a 'Head Office' as well as branches and lots of different departments - and plasma screens in the window etc i.e. the ones who have taken on lots of debt - they'll go down the pan.

Good riddance.

Share this post


Link to post
Share on other sites

"Debts are put at £4.5m."

It's got to be a big agency with 100 staff, but how does it get to a debt of this proportion, seems extraordinary. A few (dozen) too many Porsches, boats and BMWs?

Share this post


Link to post
Share on other sites

I refer the to my previous posting and would suggest the Inland Revenue may be an interested party possibly via PAYE /Corporation Tax etc etc.

Still Tony Bliar and his cronies have set the example for these shysters,again good riddance .

The directors would tremble with a Department of Trade Enquiry,wouldn't they????

Share this post


Link to post
Share on other sites

"Managing director Paul Rodney claimed he had been chasing a debt of £10,000 for five months.

He threatened to go into every Jump office in the region and remove everything his firm supplied if he did not receive a cheque by Monday morning."

5 months is along time to chase 10K, i would of given 3 max. This led me to wonder ... if companies start to get a little jumpy (pun intented) they will start to call in thier debts sooner, this in itself will sink some companies and speed things up - forcing unemployment - forcing sales of nice houses.

Ive always thought / known the cycle will feed on itself , will be interesting to see if it eats its own mouth and puts us into a depression until it can grow a new mouth.

Edited by theChuz

Share this post


Link to post
Share on other sites
Back before someone banned me risingdamp username....

http://www.housepricecrash.co.uk/forum/ind...indpost&p=31007

Nov 9 2004, 08:44 PM

So lead time between rumour and reality is approx 8/9 months.

On that basis the EA my house is up with is about to go pop any time now, glad theres no money up front (or viewers)

:)

:lol: well rememberd

Share this post


Link to post
Share on other sites

Living in Yorkshire I know this EA well. They mainly deal with bottom end terrace houses. Houses that would of been bought by FTB. But there aren't any.

Share this post


Link to post
Share on other sites
Living in Yorkshire I know this EA well. They mainly deal with bottom end terrace houses. Houses that would of been bought by FTB. But there aren't any.

ka-ching... and the association is made :D

Share this post


Link to post
Share on other sites

No surprise in Leeds. Place is awash with EAs. One has recently collapsed in Chapel Allerton. Quite a few have opened up over past 2 years. I am waiting for Morfitt & Shaw to collape.

www.morfittshaw.co.uk

We charge just 0.5% to sell your property!!!!!!!!!!!

Kropotkin

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.