Estate agency sale keeps business in the family

A NORTH East estate agency business has been saved after calling in administrators amid increasing financial challenges.

- COREENA FORD

Gosforth-based Jan Forster Estates - incorporated in 2006 by Jan Forster - has been sold in a pre-pack deal which protects the majority of jobs, while also allowing it to carry on trading under new ownership.

The deal was struck by joint administrators Andrew Little and Gillian Sayburn from Begbies Traynor, who were appointed yesterday. The sale comes just under two weeks after the company filed a notice of intention to appoint administrators, a move which gives companies protection from creditors to give them breathing space to decide ways in which they can be rescued.