One of Newport’s largest estate agents is set to shut up shop after becoming the latest victim of the credit crunch.
It is unclear whether any staff from the Newport branch will be layed off, although 60 jobs will be cut across the company.
The estate agent, which is one of the town’s longest-running businesses, held an emergency meeting with staff on Wednesday to tell them about the job cuts announcing it was in administration
Offices will also be closed in Shrewsbury, Stafford and Telford.
But those in Whitchurch, Wellington, Market Drayton will be saved.
Administrators Begbies Traynor, based in Birmingham, were appointed on Wednesday.
John Kelly, from the administrators said the announcement affected the business of residential sales, lettings and commercial sales.
He said: “Obviously Barbers is a very long established agency but it expanded very rapidly in the better years.
“Obviously as a result of which in the current climate, it has run into cash difficulties which has culminated in our appointment.
“Having said that, because they have been there for a long time and have a variety of different assets to the business, we are reasonably confident we will be able to find a buyer for part, if not the whole, of it.
“They are closed but having said that if we can act quickly and find a buyer, they could be reopened if we are able to find someone interested in operating from these locations.
“There have been about 60 redundancies, which is about two thirds of the staff.
“But it will be business as usual at the remaining locations at Market Drayton, Wellington, Whitchurch and the head office in Shrewsbury whilst a buyer is found.”
Other estate agents in the town seem to be holding their nerve during the credit crunch period.
Partner at Tempertons, Andrew Temperton, said: “It’s a tough market at the moment but there are still deals to be done. The staff situation here is fine and we are not foreseeing any problems.”
Becky Davis form Harwoods, added there was no danger of them closing in the near future.
“As far as we are aware we have no problems, we’re alright. We have got the staff we have had all the while so there will be no problems,” she said.
Mr Kelly added staff would be protected by the Government’s employee protection scheme.
