Leading property firm The Graves Partnership has been placed
into administration.
The practice was formed by Frank Graves in 1956 and has,
historically, been one of the most successful property
consultancies in the region, with offices in Birmingham and
London.
Frank's son, Richard, took over the practice in 1993 and was a
prominent figure in the property world.
The practice was sold to the Erinaceous Group in July 2005.
Following difficulties within that group, Richard Graves bought
back the business out of the Erinaceous administration in April
2008.
Shortly afterwards, he was diagnosed with pancreatic cancer and
died in July this year.
Richard's forced and prolonged absence from the business,
combined with the worsening economic climate, has left the practice
with financial difficulties, culminating in the appointment of
Nigel Price and John Kelly of Begbies Traynor as Joint
Administrators on Friday October 9.
Nigel Price said: "The plight of The Graves Partnership is not
uncommon among professional practices in the current climate but
the business has also suffered from the loss of its driving force
and eponymous leader.
"Nevertheless, the Graves brand is strong and well known. The
company has a loyal and skilled staff and an impressive client
list, so I anticipate wide interest from potential purchasers to
enable the business to be maintained as far as possible."