A LANCASHIRE estate agency has acquired the real estate division of Wright Marshall after it entered administration.

The Petty Estate Agents deal safeguards the estate agency arm of the company, although the rural auction mart and fine art auctioneers – including in Knutsford – are not included.

Wright Marshall entered administration on June 24, citing a ‘period of challenging trading’.

The rural auction mart has ceased trading with immediate effect due to a downturn in livestock volumes being sold, with all 37 employees involved being made redundant.

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The company employs 129 people across its eight sites in Cheshire and Derbyshire – including Knutsford and Northwich.

Burnley-based Petty Estate Agents, one of Lancashire’s longest-running independent estate agents, says the deal will be used to invest in the latest technology to create a network of tech-enabled estate agencies across the region.

As part of the transaction, Peter Barnes joins Wright Marshall as managing director in Cheshire and Derbyshire.

Peter has held positions in the property, sales and automotive sectors, and will be tasked with implementing the development in technology and improving operational efficiencies within the business.

Charlotte Hagan, chairman at Petty Estate Agents, said: “Our acquisition sees the merger of two strong heritage businesses, each with outstanding management teams and local and technical knowledge.

“The expansion into the Cheshire, Derbyshire and Shropshire areas is hugely significant and provides us with an excellent platform.

“Capitalising on the latest technology will enable the incredible customer care shown by both businesses, presenting a huge market opportunity to create a regionally connected network of tech-enabled, community-minded, estate agencies.

“We’re confident that the enlarged group will thrive with the direction of Peter Barnes and the wealth of expertise within the team at Wright Marshall.”

Mr Barnes added: “I am hugely excited at the prospect of getting involved in revolutionising a Cheshire institution.

“Wright Marshall has an established and trustworthy brand, with a great team delivering a fantastic service.

“My priority for the coming months is to embrace the technological developments that Petty have planned, but without losing the personal touch that Wright Marshall has become synonymous with.”

Administrators will continue to trade the fine art auctioneers while a buyer is sought.

Anthony Collier, joint administrator and partner at FRP Advisory, said: “We are delighted to have been able to secure a sale of the real estate division of Wright Marshall.

“We wish the team at Petty Estate Agents all success as they take the business forward.

“We continue to seek a purchaser for the remaining aspects of the business and will provide further updates to creditors in due course.”

Interested parties should contact Simon Farr at FRP Advisory on 0161 833 3344.