Petty Estate Agents have acquired the real estate division of Wright Marshall out of administration.
Wright Marshall’s real estate division has been bought out of administration by Petty Estate Agents.
The deal safeguards the company after the wider Wright Marshall group entered administration. The deal does not include the rural auction mart or art auctioneer arms of the business.
The business provides end-to-end commercial and residential lettings and sale service across seven sites in Cheshire, Derbyshire and Shropshire.
Petty Estate Agents was one of Lancashire’s longest running independent estate agents, with its head office in Burnley.
As part of the transaction, Peter Barnes joins Wright Marshall as managing director in Cheshire and Derbyshire.
Mr Barnes has held positions in the property, sales and automotive sectors, and will be tasked with implementing development in technology and improving operational efficiencies within the business.
Charlotte Hagan, chair at Petty Estate Agents, said: “Our acquisition sees the merger of two strong heritage businesses, each with outstanding management teams and local and technical knowledge. The expansion into the Cheshire, Derbyshire and Shropshire areas is hugely significant and provides us with an excellent platform.
“Capitalising on the latest technology will enable the incredible customer care shown by both businesses, presenting a huge market opportunity to create a regionally connected network of tech-enabled, community-minded, estate agencies.
“We are confident that the enlarged group will thrive with the direction of Peter Barnes and the wealth of expertise within the team at Wright Marshall.”
Mr Barnes said: “I am hugely excited at the prospect of getting involved in revolutionising a Cheshire institution. Wright Marshall has an established and trustworthy brand, with a great team delivering a fantastic service.
“My priority for the coming months is to embrace the technological developments that Petty have planned, but without losing the personal touch that Wright Marshall has become synonymous with.”
Anthony Collier, Joint Administrator and Partner at FRP Advisory, said: “We are delighted to have been able to secure a sale of the real estate division of Wright Marshall.
“We wish the team at Petty Estate Agents all success as they take the business forward. We continue to seek a purchaser for the remaining aspects of the business and will provide further updates to creditors in due course.”