One of the Derby’s most well-know commercial property agencies has been sold in a pre-pack deal, after it slipped into administration.
Salloway (Derby) called administrators from FRP Advisory in at the end of July after a prolonged period of decline in turnover. Salloway also has offices in Nottingham and Burton, which were unaffected by the problems in Derby.
The sale of the business to its former owners secured the jobs of all eight staff employed by the Derby business and ensured it continues to trade as Salloway from the same premises in Pride Park, Derby.
The new firm is called Salloway Property Consultants, and is run by former managing director Stephen Salloway. Nathan Jones, director at FRP Advisory and joint administrator, said: “We are delighted to have completed the sale, ensuring Salloway can continue to operate in Derby and provide its range of property services to a loyal customer base. Upon our appointment as administrators, we marketed the Derby business and engaged with numerous parties whilst conducting an accelerated sales process in order to maximise realisations of the business. The sale to Salloway Property Consultants represented the best long term solution and secured all eight jobs associated with the Derby business and we wish them the very best under the new ownership structure.”