Customers and staff of an industry provider have been thrown a lifeline, less than a week after it said it would cease trading as a tenant referencing, insurance and rent warranty provider.
The Lettings Hub has stepped in to ensure uninterrupted service for LetsXL clients.
Heidi Shackell, CEO at The Lettings Hub, said: “We’re working with the former LetsXL team, who want to protect the interests of both their clients and employees as best they can in the current predicament.
“We’re pleased to be in a strong position as a brand and this means we’ve been able to step in, take control of the business and get the normal LetsXL operations back up and running within the last 48 working hours.
“Employees are back in position, processing referencing, insurance and rent warranties for all clients.
“Obviously, we want to assure LetsXL clients about this positive move and that they will see no further disruption to service.
“As a leading brand in the market, we have full awareness of our responsibility to them.
“As part of the deal we have agreed that for those who remain as a customer, we will assume the liability for rent warranties and handle any outstanding claims in line with normal service procedures.”
The Lettings Hub confirmed that all customers have been contacted by both firms, and a process is now in place to speak to all clients of LetsXL individually over the coming days.
The Lettings Hub is one of the UK’s largest specialists in rental property products, processing over 20,000 tenant references per month, with a team of over 100 employees, based in their Peterborough office.
Comments (4)
This is a crazy deal for The Lettings Hub.
LetsXL have sold Rent Warranties with no insurance cover, so the liabilities are huge, leaving agents with rent warranties to landlords totally exposed.
FCC Paragon next to fail? Similar product to LetsXL as I understand it, with no insurance in place. The Lettings Hub not far behind. When you put 2 poor businesses together, the result is a bigger poor business…….
We are thrilled to have been able to make the deal to step in for LetsXL and by extension their landlords and tenants. As part of this deal we have agreed to honour existing rental warranties to ensure ongoing protection and peace of mind for those who chose to benefit from the cover. With continued custom, LetsXL’s agents are able to reassure their landlords that the cover remains in place and has the full financial backing of The Lettings Hub, should the worst happen and they need to claim against the warranty. We are fortunate that our strong business position enables us to offer this continued protection, removing any exposure for agents and landlords. Our own market-leading range of insurance backed Rent and Legal Protection cover remains an attractive alternative and is being offered to all who wish to opt for an insured rent protection product. As always, the sum is greater than its parts and our vision for the way in which we take forward both The Lettings Hub and its newly integrated books of business obtained as a result of this deal excites us immensely. Our company ethos is and will always be doing the right thing at the right time, making sure we uphold our responsibilities as a service provider of choice within this industry. Rather than observe from the side-lines, we have chosen to step up to the plate, because we can and because it is the best thing for everyone involved.
Out of the frying pan into the fire with Heidi Shackell as the chef. LLH can’t manage their own referencing without another bolt on.
As a company with big ambitions and a culture with people who thrive on helping others, we are growing at an exciting, yet steady and manageable rate where we can handle an increase of new business to salvage the current LetsXL situation without disruption of service for our existing customers. We have already been able to reinstate business as usual for LetsXL’s client base and have been on-site to meet their team and are working closely with them to ensure anyone affected benefits from on-going protection. We are also able to offer LetsXL customers access to our own range of products and services and welcome our new clients to the Hub family who have already made the move. We continue to speak to all of LetsXL’s customers alongside the LetsXL team who we have employed to help manage the transition and our people are working together seamlessly, a recipe for success indeed.