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Monday, 10 January 2011

Administration for Fridays Property Lawyers

A legal firm which said it was the UK’s fastest growing conveyancing company, has gone into administration. The firm was Fridays Property Lawyers which was a conveyancer and provider of the Home information Packs (HIPS). Ironically, Which? said that it was the cheapest provider of HIPS, at just £189, some £300 cheaper than the most expensive offering. Their fridaysmove.com website has been purchased by a new company and it is in the process of being updated.

The administrators said in a statement “The company has closed down their operation following a period of rapid contraction resulting from the abolition of Home Information Packs. The company initially grew rapidly as a result of its HIP offering and became reliant on HIPs as a primary generator of new business. We are working with the Regulator (CLC) to ensure that all live cases have been transferred and will be completed with no delay or disruption to clients. Clients have been contacted and notified of the situation. " Given that this firm was undercutting the market by a huge amount ( it was offering conveyancing at a fixed price starting at £89 it seems that the business simply ran out of cash )



The abolition of HIPS was a big U-turn for the government but given they had not consulted with the property profession properly before introducing them it should not come as a surprise that they were a disaster.


Sudden changes of government policy can have a big impact on business and are not conducive to a stable economic environment.


If your business has been badly affected by legislative changes, all is not lost! Contact us if you need help.

4 comments :

  1. Interesting! They seem to have disposed of their web assets very quickly.

    ReplyDelete
  2. the reason the web asset went quickly was due to a pre pack. Fridays Property Lawyers now trade as Fridays Legal Services. All the directors are former employees of Fridays Property Lawyers. Same people new company name.

    ReplyDelete
  3. They have now morphed again into a conveyancing and surveyors referral site, looks like they are not actually employing lawyers any more.

    ReplyDelete
  4. Thanks for your great information. We all appreciate your information. Keep posting these kind of nice blogs.
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    ReplyDelete

Many thanks for your comments. If you have a private business problem and you want advice give us a call on 0800 9700 539 or email me at keiths@companyrescue.co.uk. If you are a professional advisor with a troubled client, please suggest they visit www.companyrescue.co.uk or contact me as above.

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