MDA closes Richards Gray doors and puts 90+ staff on notice period
MacDonald, Dettwiler and Associates, the Canada-based information provider, is understood to have closed two of the offices of Richards Gray, the Home Information Pack and search provider it acquired in March.
More than 90 staff are understood to have been put on a three-month notice period.
Read the full story about MDA closing Richards Gray offices here on the Negotiator website, the Negotiator is the best magazine for estate agents in my opinion.
This is astonishing news, MDA clearly bought market share in the HIP industry and also bought a chunky search provider when it acquired Richards Gray earlier this year. With new instruction volumes now down 30-45% on last year (based on figures from Rightmove) its obvious that HIP volumes are lower than the market is expecting and the the panic button has been hit to make sure that trading can continue profitably (or at least minimising the losses).
Surely its only a matter of time before other major pack providers start showing signs of distress and start closing or putting themselves up for sale.
More than 90 staff are understood to have been put on a three-month notice period.
Read the full story about MDA closing Richards Gray offices here on the Negotiator website, the Negotiator is the best magazine for estate agents in my opinion.
This is astonishing news, MDA clearly bought market share in the HIP industry and also bought a chunky search provider when it acquired Richards Gray earlier this year. With new instruction volumes now down 30-45% on last year (based on figures from Rightmove) its obvious that HIP volumes are lower than the market is expecting and the the panic button has been hit to make sure that trading can continue profitably (or at least minimising the losses).
Surely its only a matter of time before other major pack providers start showing signs of distress and start closing or putting themselves up for sale.
Labels: MDA-closes-Richards-Gray-doors-puts-90-staff-on-notice
posted by Neil Kurz at
19:49
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