KPMG takes over as Glasgow estate agent goes under

Blair Nimmo and Geoff Jacobs of KPMG LLP have been appointed as joint provisional liquidators of Glasgow Solicitors Property Centre Limited (GSPC) after the firm went to the wall this week with the loss of nine jobs.

GSPC, formed in 1993, is a solicitor estate agency network operating in Glasgow and the west of Scotland, advertising properties for sale via an online portal and paper property guide, on behalf of their solicitor member firms.

GSPC’s market share has been decreasing in recent years due to a tightening of the Glasgow property market, and the more recent loss of some key clients. This has led to the business suffering unsustainable losses.

As a result, the directors considered they had no option but to take steps to place the company into liquidation.

Prior to the provisional liquidation appointment, ESPC (UK) Limited acquired certain assets of GSPC including intellectual property and computer equipment, as efforts were made to ensure the continuing provision of certain GSPC services to its clients and members. ESPC will now market the Glasgow properties through the ESPC website ensuring continuity of service for members and their clients.

At the time of the appointment, the business employed nine people, all of whom are based at the company’s office in the centre of Glasgow. Unfortunately, all of the employees have been made redundant following the Joint Provisional Liquidators appointment.

The Joint Provisional Liquidators are currently reviewing the company’s financial position and will take steps to realise the remaining assets held by the company.

Blair Nimmo, joint provisional liquidator and KPMG’s global head of restructuring, said: “GSPC is a recognisable name in the west of Scotland and has been a part of the property market for more than 20 years. Unfortunately, and notwithstanding additional investment, the loss of key members has led to the cessation of trade and a number of redundancies. We will be working with the affected employees and the relevant government agencies to ensure a full range of support is available.”

A spokesperson for ESPC added: “The Edinburgh and Glasgow property markets are quite separate and distinct and it is a reflection of the tightening of the Glasgow market that regrettably GSPC has had to close. As a fellow solicitor property portal we gave our support over the past two years and are disappointed that it did not have the outcome we all hoped for. We will continue to aim for continuity of service for Glasgow’s property buyers and sellers.”