News blog
Humberts Group
- BY: Andrew Hore |
- POSTED: 15/06/2008 |
Humberts Group’s main subsidiary Humberts Ltd has been placed in administration.
Smith & Williamson became administrator to the estate agency business on 11 June 2008. It agreed the sale of the assets of Humberts Ltd and other subsidiaries to Mercantile Group, which owns 50% of Chestertons. Vincent Tchenguiz’s Consensus Business Group owns the other 50% of Chestertons and also owned around 20% of Humberts Group.
Mercantile is paying £3.16m for the assets, including £1.1m in cancelled deferred consideration. The rest is in cash and £600,000 of it will
Humberts has been selling off its other assets. Since the beginning of June Richard Harding Estate Agents has been sold for £1.06m (£60,000 in cash and £1m in cancellation of deferred consideration), Blenheim Bishop Estate Agents for £967,000 (all cancelled deferred consideration) and BTFL for £1 and the waiver of £945,000 of deferred consideration.
Humberts Group will have no trading subsidiaries left following the disposal to Mercantile Group. It is changing its name to Pedstowe. This will be put to a general meeting of shareholders and they will be updated about the company’s financial position at that time.
Interim chief executive Michael Nower has stepped down but will stay on as a non-executive director.
Humberts shares were suspended at 3.25p on 16 May 2008 “pending clarification of its financial condition”. That valued the company at £2.02m.
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