Sintons acts on rescue of Sanderson Young
More details have emerged about the deal to buy North East estate agent Sanderson Young out of administration.
The company, with branches in Gosforth, Ponteland, Alnwick and Mayfair, entered administration due to a historic issue with HMRC which led to a significant tax bill.
It was subsequently sold to DG Young Ltd, which is owned by family members of previous director and shareholder Duncan Young, in a move that has safeguarded 40 jobs.
Steve Ross and Matt Higgins of RSM Restructuring Advisory were appointed as joint administrators of Sanderson Young. Law firm Sintons was appointed to advise DG Young on the legal aspects of the deal.
Duncan Young, chairman at DG Young, said: “The deal presents a real opportunity to modernise the business. We may well look to streamline premises due to the online impact on our business; however, this will not result in a headcount reduction. We’ll just take a different approach to office space and flexible working arrangements, but the strong foundations of legacy, reputation and brand remain the same; and we look to build on this.”
Steve Ross, restructuring partner at RSM and one of the joint administrators, added: “We considered a number of options after an extensive marketing effort which attracted national and local interest culminating in a number of offers. The final deal that we have secured not only safeguards 40 local jobs, but it offers continuity of service and saves a well-known, established regional brand.”
Matt Collen, partner in the corporate and commercial team at Sintons, said: “Sanderson Young is one of the most highly-esteemed names in North East property and we are very pleased to have been able to help secure its future. Duncan and the team are already making provision to ensure the business remains a dynamic key player in its sector, building on the strong reputation of the Sanderson Young brand to safeguard it for years to come.”
As featured in Insider Media on 3/10/2018.