Further details about the collapse of Douglas & Gordon have been released, revealing that the period of administration for the business has now been extended until 23 February 2025, after which the company will be dissolved.
It comes after Douglas & Gordon called in Grant Thornton as administrator in April last year, but not before its CEO James Evans bought the firm for £515,000 through a new business called Brewham Holdings Ltd; Douglas & Gordon now trades as a new estate agency, with a head office based in Chelsea.
The lettings element of the business was retained by Foxtons before the London-based giant sold the agency to Evans in January 2022.
The latest report from Grant Thornton, which will receive up to £750,000 in fees, offers an update on the struggles the business faced. It includes details of 154 unsecured creditors, excluding employees, who have made claims totalling more than £1m – they are unlikely to receive payment.
Landlords of the 12 offices leased by Douglas and Gordon Ltd are also out of pocket and unlikely to receive the outstanding rent they are owed.
In addition, HMRC is owed £581,000.
Read the latest Grant Thornton report here.
