WORCESTER based letting agents, Andrew Grant has gone into administration causing the loss of 54 jobs.

Due to substantial trading losses over the last two years and the impact of the Covid-19 pandemic offices were immediately closed and do not have the funds to re-open.

Diana Frangou and Guy Mander of RSM were appointed joint administrators of Andrew Grant on Friday 19 June.

In a statement released by RSM the company said: "A competitive sale process identified interest in parts of the business. As a result, management took the difficult decision to make the bulk of the workforce redundant on 19 June 2020 and to permanently close its high street offices. Some 54 staff were made redundant and the joint administrators were subsequently appointed.

"Following appointment, RSM has been successful in completing a prepack sale of the lettings and property management business and Andrew Grant brand as a going concern to Andrew Grant Lettings Limited, with 18 staff retained. The purchaser includes two members of the established senior team and two local independent investors.

"Andrew Grant Sales Limited has acquired the existing residential sales agreements and will continue to provide services to those customers."

Mrs Frangou said: "It is unfortunate that part of the business has been unable to continue resulting in 54 redundancies. We will be assisting those individuals with their claims with the Redundancy Payments Office. However, following a competitive sales process, we have managed to secure the ongoing and future operations of part of the Andrew Grant business, which is a long-established local brand in the marketplace."

Andrew Grant adds: "I am extremely supportive of the new ownership and am confident that it is in the safest of hands. I wish them all the best".

The business was established around 50 years ago and operated from six offices, including its head office in here in the city, the offices will now be closed and the business will operate using 'industry-leading technology.'

A statement on the letting agents website said: "The new structured version of the traditional agency model will continue to deliver greater value and efficiency for clients whilst increasing the levels of personal service.

"The team are intent on creating exceptional relationships with their customers, supported by a strong network of experienced property professionals using industry-leading technology. There is only one purpose, to improve client experience. Our intention is simple - to be the best in an industry that is in serious need of modernisation."