Wright Marshall estate agent and auction house has crashed into administration putting 130 jobs at risk.
Just under 40 people have already lost their jobs after the rural auction side of Wright Marshall, at Beeston Castle, ceased trading with immediate effect. The business also operates fine art auction houses in Knutsford and Beeston and real estate agency and professional services throughout Cheshire and Derbyshire and employs 129 people across its eight sites.
Anthony Collier and Ben Woolrych, partners at FRP Advisory LLP, have been appointed joint administrators of the business.
Following a period of tough trading and a downturn in livestock volumes being sold through rural auctions, the company suffered cash flow pressures which left the directors with no option but to place the business into administration.
Following their appointment, the administrators will continue to trade the real estate and professional services divisions of the company, as well as the fine art auctioneers whilst a buyer is sought for both businesses. The rural auction mart has ceased trading with immediate effect and all 37 staff involved in that business have been made redundant.
Anthony Collier said: “Wright Marshall is a well-established business in Cheshire and Derbyshire, providing a range of services for the local community.
“The challenges facing the agricultural sector are well documented, and the downturn in livestock volumes being sold through the auction mart have resulted in this business making unsustainable losses.
“Our focus now is on identifying a purchaser for the other aspects of the business in order to maximise any returns for creditors, and of course to work closely with the Redundancy Payments Service to support all affected employees at what we know will be a difficult time.”