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High Streets Initiative Mike Smith · 20 July 2018
Rising estate agent insolvencies show high street survival isn’t just a retail problem
As a series of big name retailers struggle to survive on UK high streets, Mike Smith, founder of online insolvency hub Company Debt, explains why the difficult trading environment is also hitting estate agent businesses. Were often reminded how the high street is struggling, but a recent study has found that it’s not only retailers that face intense competition from their rivals online. Research by one of the UK’s leading accountancy firms has found that estate agents are also feeling the heat, with 153 becoming insolvent over the last year, up from 148 the year before. Currently, more than 7, 000 estate agents across the UK are showing signs of financial distress, and it’s not just the smaller firms that are struggling. Even larger estate agents are feeling the strain, as evidenced by the second profit warning issued by Britain’s largest estate agent Countrywide in June. The London estate agent Foxtons also reported a 15 percent drop in revenues to 24.5m in Q1 2018 when compared with the same period last year. Read more on the current state of UK high streets:
ABOUT THE EXPERTMike Smith
Mike Smith is a director of Company Debt and a business insolvency expert with four decades of experience.