Humberts and administrators dispose of assets

On June 11, 2008 Humberts Group plc ("Humberts") announced the sale of certain assets to Mercantile Group for total net consideration of £3.16 million (including cancelled deferred consideration amounting to £1.1 million).

The directors of Humberts Limited, one of the Humberts' trading subsidiaries, appointed Smith & Williamson, the accountancy and financial advisory group, to act in the restructuring and administration of Humberts Limited (and certain subsidiaries of Humberts Limited) which were placed into administration.

Humberts and the Administrators had agreed to the sale of the assets of Humberts Limited (including the Humberts name) and certain subsidiaries of Humberts Limited, and the assets of Humberts' London-based subsidiaries: Wellingtons Estate Agents Limited, Wellington Estate Agents (Battersea) Limited and Farleys Limited for total net consideration of £3.16 million, which was satisfied by the payment of cash and by the cancellation of outstanding deferred consideration totalling £1.1 million. Following the disposal of the assets, Humberts had no trading subsidiaries.

Nigel Gordon led the Fasken Martineau team acting for the Administrators on this matter. The team included Robert Paydon, Nicholas Narraway, Chris Chrysanthou, Leonardo Neves, Anca Enica, Martin Ackland and trainee solicitor Zehra Kasapoglu.