Shropshire Star

Property firm axes branches

A Shropshire-based estate agency has become one of the first victims of the credit crunch in the county, closing four of its six offices. Directors at Monks Chartered Surveyors, which has its main office in Shrewsbury, yesterday agreed to go into voluntary liquidation. A Shropshire-based estate agency has become one of the first victims of the credit crunch in the county, closing four of its six offices. Directors at Monks Chartered Surveyors, which has its main office in Shrewsbury, yesterday agreed to go into voluntary liquidation and branches in Welshpool, Knighton, Leominster and Hereford closed at 3pm. They said the decision had to be made because not enough houses are being sold. Ten staff have been made redundant but 16 will be kept on with the firm. The firm hopes to keep the Shrewsbury and Wem offices open. A seventh branch, in Oswestry, is not affected as it is run in association with Davis Meade. Read the full story in today's Shropshire Star

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monkslogo.jpgA Shropshire-based estate agency has become one of the first victims of the credit crunch in the county, closing four of its six offices.Directors at Monks Chartered Surveyors, which has its main office in Shrewsbury, yesterday agreed to go into voluntary liquidation and branches in Welshpool, Knighton, Leominster and Hereford closed at 3pm.

They said the decision had to be made because not enough houses are being sold. Ten staff have been made redundant but 16 will be kept on with the firm.

Today director Mary Cambray, who took over Monks five-years-ago with her husband Richard, said she hoped to keep the Shrewsbury and Wem offices open. The agency has been established for more than 20 years in Shropshire letting and selling properties.

A seventh branch, in Oswestry, is not affected as it is run in association with Davis Meade.

Mrs Cambray said it was a sad time for the company, which was forced to restructure because of the current economic climate.

She said: "We have closed four offices and made 10 people redundant. It is the economic climate. People are not buying and selling houses at the moment.

"The market is on the brink of a recession and with the current climate people are not buying and selling houses and that's the business we are in.

"We had a meeting yesterday. Staff were notified yesterday and redundancy starts from today.

"I think a lot of them were not surprised because in every newspaper you open and broadcast you watch that's what is happening on the market. We are hoping to keep Wem and Shrewsbury going. We started in Shrewsbury and Shrewsbury is the biggest office.

"The positive thing is Wem and Shrewsbury will continue.

"The Telegraph last week said 150 estate agents a week are closing.

Voluntary

"Locally, we hear of people cutting back staff and closing offices and I think that will continue through the year until the situation improves.

"It is voluntary liquidation - we, as directors to the company, made this decision. It is a very recent decision because of the way the market is continuing to go.

"We had to make a decision as to what we were going to do because not enough houses are being sold.

"If you talk to any agency in the country, they will tell you the same thing."

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