Receivers called in on Darlows

Half of Darlows 700 staff could lose their jobs

One of south Wales's best known estate agencies has gone bust and dozens of its shops have been forced to close immediately.

Newport-based Darlows had employed 700 people at branches in Wales and the west of England.

Alan Darlow maintained a high-profile

On Thursday evening, a company based in Essex announced that it would buy 45 of the shops safeguarding more than half the jobs.

The receivers were called on Thursday after what Darlows had called "a difficult period of trading". A total of 39 shops have been closed immediately.

The company's yellow and black signs were a familiar sight in town and cities from Swansea to Chepstow and beyond the Severn Bridge.

The business and in its founders - Alan Darlow - maintained a high profile through heavy television advertising and sponsoring anti-crime initiatives.

Honour contracts

The receivers were called in by a Swiss-owned finance company Winterthur, which had a long-standing tie-in Darlows selling insurance policies and had helped fund the rapid of expansion of the estate agency.

Since then an Essex-based agency Spicerhaart has confirmed that it is buying 45 of Darlows branches - 25 of them in south Wales.

Spicerhaart have said they plan to keep the Darlows name and honour any existing contracts with the public.

"We've looked at the business they've got and we believe there is a sound business there," said Kevin Shaw.

"Obviously it's been built up over a number of years by Alan Darlow.

"We believe we can ease some of the pain by taking 45 offices under the Spicerhaart group."

But uncertainty remains of the future of the Darlows empire.

The receivers KPMG have said that other branches at Bridgend, Chepstow, Ebbw Vale, Morriston, Risca, Sketty, Talbot Green and Usk are also up for sale.