James Rossiter, Property Correspondent
Star musicians and your favourite Times writers at the Albert Hall
Share trading was suspended today in Humberts, one of England's largest chains of estate agents part-owned by Vincent Tchenguiz, over doubts about its financial viability.
In a terse statement to the Stock Exchange the loss-making company, which has 80 offices and about 700 staff in the South of England, said the request to suspend its shares was made "pending clarification of its financial position."
The chain said it was "investigating a potential restructuring."
Mr Tchenguiz, the Mayfair-based entrepreneur who controls a highly leveraged property-related investment empire, owns about 23 per cent of Humberts through his Consensus Group of businesses. .
A demise of the group would be the first high profile estate agency casualty from the housing market slowdown.
In January, the company issued a profits warning and parted company with Tim James, the executive chairman, and Max Ziff, the chief executive who floated the business on AIM.
Mr Ziff had driven an aggressive acquisition programme over the previous two years to turn Humberts from a small regional firm into one of Southern England's largest firms with a foothold in Mayfair.
In February the group reported a £17 million post-tax loss and gave the first warning about its future.
At the time Humberts blamed the slowing property market for its financial woes and said that it was in urgent talks to raise cash without which there was a “material uncertainty” about its future.
Two days ago new chairman John McLean, warned that the board was reviewing whether it would be able to meet the conditions for a proposed fund-raising rescue package.
Last month it announced that it was to raise £2.25m from shareholders in a move that allowed it to “once again look to the future”.
The money was needed to help pay for deferred payments still owing to sellers of businesses bought by the company during an aggressive expansion programme in 2006 and 2007. One of these has threatened to wind up the company if he is not paid.
Jonathan Vandermolen, a businessman who sold his company Blenheim Bishop to Humberts for £2.3 million in 2006, claimed that he was still owed more than £1 million from the sale. He has sent a solicitor’s letter to the company threatening it with winding-up proceedings if he is not paid.
Humberts problems come one month after a warning from Movewithus, the biggest network of independent estate agencies, that one third of estate agents could lose their jobs by next year
Of the estimated 12,000 agents, at least 4,000 will close by next year, according to Robin King, director of Movewithus.
Follow our three athletes' progress in their preparations for the London Triathlon, and pick up training tips and more
Enjoy screenings of all the classic films you love, plus take advantage of two-for-one tickets
We explore leisure activities that are safe and suitable for all of the family
Times Online's new TV show helps you make the right decisions for your pet
Read our exclusive 100 Years of Fleming and Bond interactive timeline, packed with original Times articles and reviews
The latest travel news plus the best hotels and gadgets for business travellers

Overseas contacts and local business information

Find a course, arrange a game and save money
£129,500
Bentley Edinburgh
£79,850
Mercedes-Benz of Northampton
£26,995
Unit 1, Woodfield Business Unit, Kidderminster Road, Ombersley, Worcester.
Great car insurance deals online
90k + Bonus + Options
Confidential
London
£23,716 +
Highways Agency
National
£
£43,405 - £48,228 pa
Notting Hill Housing
London
£30,000 base, £100,000 OTE
Riches Consulting
London/South
with annexe accommodation and 5.25 acres
£1,100,000
Beautiful Gardens w/ stunning Thames Views
Studios £33K, 1 Beds £60K, 2 beds £79K
Mortgages, bank acc & money transfers to help you buy abroad
Explore mystical Jordan
From £1030 for 7nts 4*
to USA's Most Cosmopolitan City; San Francisco!
£POA
Book Now for Winter 08/09 and Get 10% off!
Great travel insurance deals online
Contact our advertising team for advertising and sponsorship in Times Online, The Times and The Sunday Times. Search globrix.com to buy or rent UK property. Visit our classified services and find jobs, used cars, property or holidays. Use our dating service, read our births, marriages and deaths announcements, or place your advertisement.
Copyright 2008 Times Newspapers Ltd.
This service is provided on Times Newspapers' standard Terms and Conditions. Please read our Privacy Policy.To inquire about a licence to reproduce material from Times Online, The Times or The Sunday Times, click here.This website is published by a member of the News International Group. News International Limited, 1 Virginia St, London E98 1XY, is the holding company for the News International group and is registered in England No 81701. VAT number GB 243 8054 69.
i'm sorry but people who dont like estate agents are not very considerate. I am am one. I am under paid over worked so frankly you're wrong. I work from 8am untill 7pm every day of the week exlcuding sundays for 12,000 per year plus about 4000 commission. We're the worst paid in the property sector.
lloyd, bristol, north somerset
John McLean has a long track record in the development of growing and SHRINKING companies and operated as both managing director and finance director. John is a Chartered Accountant formerly with Coopers & Lybrand in both London and New York. Also CEO Albany Capital with Tim James "plot thickens"!!?
Lord Nick of Sherbourne, Sherbourne, Disney Land
To Joe and all the other estate agent haters out there - "how many have you met ??. Phaps you would be good enough to tell us all what you do for a living and then p'haps the hard working estate agents out here can judge how hard you work.
Deb, Nottingham,
What is so bad about Estate Agents? Are they not the voice of the seller?
Is it not the sellers that demand EA's to sell their house for the most they can possibly get?
When it comes to property defects, would you prefer your agent to supply potential buyers with a list of your propertys defects?
Christopher, Bristol, Clifton, England
I've have never met a hard working estate agent
Joe, Bristol,
Why Comment on things you know nothing about? Estate agency is hundreds of years old. People who do private deals risk mugging, low values, expensive advertising..the list goes on. Internet companys are the criminals. They take money upfront and do nothing. An average agent works very hard!!
Rich, Hereford,
It has to be said that business built on hugh debt in good times do not in general do well in bad times, most high streets now have a over supply of estate agents a indication of poor and misjudged monetary control in property prices inflation by the Bank of England.
JJ , Southgate, London
if people from certern backrounds want to spend their own hours selling their own home they obviously have too much time on their hands. i work as an estate agent in central london and the last thing my clients want to do is to deal with private buyers - waisting their valuable time
ed, london,
Private Sales my foot. The average house seller is a lot less trust worthy than the average Estate Agent. The vast majority of problems caused in a house sale are created by the buyers and sellers within the chain. There are unprofessional agents I grant you but a large majority do a good job.
Andrew, Burgess Hill, England
Why wouldn't you shed a tear for those "poor estate agents".If 4,000 estate agents lose their jobs do you not think their families and children will suffer. So, Beth. Tell me what you do that is so socially benevolent? Hair dresser maybe?
ted, london,
Estate Agents, those parasitical 'service' providers have ridden the hog's back for the last decade and are now bleating as they face extinction. Most people will be glad to see the back of these charlatans.
peter kiddle, st neots, uk
Wrong! The tougher the market, the better the agent you will need to sell your house.
In a seller's market, saving 2% by using a DIY website makes sense, but the websites are going to find the immediate future very tough indeed. I wouldn't be suprised to see some of them close over the next year.
Matthew, London, UK
I simply do not understand people who knock estate agents.
These parasitic purveyors of property are solely in business because people wanting to buy and sell, choose to use them!
What is wrong with that?
Peter Ellis, Calpe, Spain
Can't agree more. Lets save money. Buy and sell on the internet. This credit crunch will kill off the EA industry, so the internet can take advantage of this situation.
Np, Cornwall, UK
Good EAs need to start getting people to wake up to reality and REDUCE THEIR PRICES. That way they might get some sales. People round where I live are holding out for absurdly high prices - and nothing is selling (obviously). Face it folks, the bubble has burst, now lets get real with prices.
Jon Cooper, herts, UK,
Obviously, but you're deliberately (one hopes) missing the point. Humberts is both an estate agency & a surveying firm. Bring down the firm & you bring down everyone. I'm not apologising for anyone, I am however curious as to the professions of those so scathing of estate agents. Mother Theresas?
victoria robinson, New York, USA
To Jonathan, London, I wouldn't want to meet or pay one of their "Ilk" under any "Circumstances". Let alone "Train them to "Walk, Get up Early & Drink Milk!", No disrespect to the farming Community!
Paul, Newtown,Powys, UK
Solicitors and surveyors can be hired without using an estate agent. After these two professionals have done their work what is there for the estate agent to do? Basically advertising - which is why people can buy and sell houses without them easily enough. Apologists for estate agent please note
Alex Ritchie, Salsibury, UK
Unnecessary cheap shots at estate agents aside, Humberts is also a very well respected surveying firm. I wish all of you well who purchase a home over the internet without employing a surveyor.
victoria robinson, New York, USA
There's a dreadful shortage of milkmen. Perhaps those nice estate agents could retrain.
Jonathan, London,
I work in the industry (no I am not an estate agent!) and I know that estate agents are necessary to progress the sale/purchase transaction and you might deny it but we need them! & Spare a thought for those who stand to lose their jobs!
Liz, Milton Keynes, England
I have been an Estate Agent for over 40 years and have seen it all before. Humberts has been around for 160 years and will survive as will ALL GOOD estate Agents . The tougher the property market gets the more people rely on their Agent often to get them out of the mess they got themselves into.
Ian Lange, Honiton, England
Mr Ziff had driven an aggressive acquisition programme over the previous two years to turn Humberts from a small regional firm into one of Southern England's largest firms with a foothold in Mayfair
Obviously Mr Ziff needs to Ziff off without a bonus
Nicholas Iles, Oswestry, Shropshire
Absolutely. The model is likely to change hugely over the next few years. As well as people selling houses directly, purchasers will increasingly turn to private sales and deal with owners directly, even if the property is not on the market. Web services such as Housesniffer specialiase in this area
Brian, NW,
Excuse me whilst I shed a tear for the poor estate agents. They add nothing to society and will gradually fade away as the propety market worsens and people use the internet to sell their houses.
Beth Williams, Nottinghamshire, England