Humberts, one of the country’s best known and longest established agency names, has confirmed it could be going into administration.
The news follows speculation that managing director Ian Westerling had stepped down.
Tonight, Westerling said: “Due to turbulent market conditions and pressures on the industry as whole, Humberts is currently in talks with proposed administrators with a view to finding a buyer for the profitable parts of the business and the discussions with interested parties is on-going.
“In the meantime, we are making some immediate cost saving measures that will sadly result in some redundancies.
“We, of course, regret having to do this but we are working hard to secure the future for as many of our employees as we can.”
Humberts was founded in 1842. It merged with Chestertons in 2009, with both businesses in trouble at the depth of the last recession.
The business, Chesterton Humberts, then de-merged in 2013.
Comments (22)
This is really really sad news.
We seem to live in a world where aggressive corporate greed, for more and more ‘gain’ for shareholders and company owners, is valued above people’s everyday working livelihoods.
I wish Ian and all the staff at Humberts a very speedy rescue package.
Whilst I have some sympathy for anybody who loses their job, some of the comments on this topic (describing the injustice of a “well-run” firm shutting due to the arrival of low-cost alternatives) smack of entitlement.
Whether lower-cost alternatives provide consumers with a better deal will be determined over time by consumers as they vote worth their feet (repeat business or lack of being a factor in the success of any agency).
If Humberts believe they provide consumers with what they ultimately want and need then they have the option to work harder for less money to ride out the storm.
That is down to them – They are not victims though. Good luck to them.
Very sad news but can anybody guide me on who to speak to regarding this? I would love to speak to the owners/administrators to see what the next steps are and possibly taking over..
rizwan99996
I am really interested in your comment. We have something that could possibly help Humberts. Can you contact us at in@agentv.co.uk
BSOS23PC
I do get this and your sentiment behind it, I think that’s the wrong measure though and for quite a while, 500k with NTS? , join the queue, we’re all off chasing instructions.
Sad news, but there will be more to come as the year unfolds I suspect.
The industry is going through a ‘natural selection’ process, those who have understood the modern world & have embraced it whilst merging it with good old fashioned service will thrive. Those who can’t or won’t will face tough times.
I recently registered with two Humberts office & the response to a buyer with 500k to spend with nothing to sell was ‘keep an eye on Rightmove, all our new properties go on there’…in six weeks I have never heard a thing from either office?
Culturally, there must be something that has allowed that kind of malaise to exist & this news should be a stark warning to all about auditing & checking our own offerings to see how it looks, sounds & feels through the eyes of a consumer.
I sincerely hope the individuals within Humberts find alternative options.
Thats a shame, some really good people work there.
Hope its not the end for them.
Gotta hope someone/thing who is the polar opposite of Humberts doesn’t buy them in order to grab hold of some artificial respect and credibility for themselves. It would be like Ballyregan Bob being used for hare coursing
I dont think they have the network or reputation for that luckily.
I do hope, maybe another regional firm will buy them, they are far from being a lost cause in my opinion. They just have lost their way after they parted ways with Chestertons.
FYI – No idea why you received the dislike, not from me.
There are people on here – we know who they are – who will down thumb whatever Robert writes.
Yes completely agree, 25% of branches I suspect will disappear across the UK.
But the reality is there are lots of things at play..
letting Agents getting into sale due to fees ban being on the way
Public perception of what agency is worth, its a grand right?
An industry which has been built on the back of historically high fees compared to actual costs.
Tougher market conditions.
SAD news for those employed..
Really don’t think Humberts situation can be blamed on cheap fees being offered elsewhere. Its just competition .Its bad management ,.complacency, financial controls and failure to adapt to management of change
Time has come where all full service agents need to unite and speak with one voice.
Due to current market conditions, lending criteria and increased overheads, there will be more estate agent closures.
Its a real shame when you are seeing established names going under.
This is horrendous
An established well run firm falling because of the erosion of our profession due to the misconception of the benefit of cheaper offerings and lower transaction levels
Regional agents are the most vulnerable
To many on here 4 years ago I was a pariah for warning of the effects of fee erosion, how the service suppliers were enabling the internet listing firms by providing them the ability to feign experience and knowledge with their AVM random number generators for valuation.
The number of agents no longer able to realistically afford their portal spend has increased massively, not because of fee erosion in isolation but because the market is now against them too (in some areas)
I’m saddened by this news but it is not unexpected and sadly it is unlikely to be last although many announcements won’t be a stop press as they will affect small independents attempting to earn an honest and modest living while others are, to use their own words, ” ignoring the rules and breaking to rules to suit the investment”
It’s not horrendous. This is a company who have never been proactive, full of posh employees who sit there and do nothing. I do t think I have ever seen one of them proactive make a phone call, do they leaflet drop? No. Do they door knock? No.
“do they leaflet drop? No. Do they door knock? No.”
Jeez… I remember a time – NOT TOO LONG AGO – when NOT leaflet dropping and door knocking were the mark of a professional Agency and sat them head and shoulders above the chancers and white-sock brigade.
How times have apparently changed…
The point is that if you do not adapt to the change in the market, you will suffer. You know as well as I do that some agents will sit there wait for the inquiries to come in, offer a minimal level of service and collect their large fee at the end and then the customer feel like they have not received a decent level of service. Just remember, if you offer a good level of service that represents value for money the customers will recommend you and the business with thrive. If you are outdated, are not proactive and to not change the the shifting dynamics in the market the likelihood is you will not make it. Obviously it is terrible news for the employed staff, however the hardworking ones and the good ones will be employed again in 5 minutes.
Tar the whole company with the same brush charlie8888974… how could you possibly justify such generalised comments you fool? Around 150 worked for that firm. You know, people with families to feed… it is obvious you do not know any of them, your opinion is insesnsitive and you are a disgrace.
It is the quality and qualities of the people affected that makes this more of a sadness. Selling to and particularly training Humberts, as I have in the past was always a pleasure, the people were always nice.
Polite, well mannered and professional shouldn’t be considered posh. The fact they weren’t aggressively touting ought to be applauded not mocked. A CV with Humberts on is one I’d place in the shortlist pile where others would be placed straight in the bin.
Reference first post it is/was not ‘well run’ if it has unprofitable parts, the MD has stepped down, and it is heading towards administration. It is a difficult market, but we all have to cut our cloth accordingly…or not…then this happens!