Manchester-based estate agency Edward Mellor has been bought out of administration by its founder’s son.
Colin Mellor has paid an undisclosed sum for the trading name and business assets of the company.
He has reopened eight of the original offices and reemployed 60 of the redundant staff.
Mellor said: ‘The trading conditions we have experienced since the autumn of 2007, conditions which have not been seen in post World War Britain, meant that the company was not able to reduce it’s cost base to reflect the dramatic decline in the housing market activity levels.
‘In purchasing the assets and trading name of Edward Mellor, we have a company which is equipped to deal with the current climate and provides a sound platform for the customers we have acquired through the purchase and for the staff we have been able to employ and to keep alive the strong brand reputation founded by my father over 25 years ago.’
Explora Solutions, which ran Edward Mellor, was placed into administration of 4 February this year leading to the loss of 80 staff and the closure of 15 offices.
Mellor had been a director at Explora and is now a director of the new company.
Insolvency firm Beever and Struthers is administrator for Explora Solutions.