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Property company enters administration with £1.4m debt

08 October 2021

Despite receiving government support during the Coronavirus pandemic, property management company ARPM has gone into administration, it was reported earlier this week.

According to The Negotiator, the company had a received £245,000 last year within the government's Coronavirus Business Interruption Loan Scheme.

However, analysis of the company's accounts show that its level of debt requiring to be paid within 12 months had risen from £50,482 to £266,349.

Its overall debts had doubled between 2019 and 2020, rising to a level of more than £426,000, which has been stated to indicate that the company was increasing difficulties before the start of the pandemic.

The company's website has been taken down, The Negotiator report stated, with no holding message for its creditors.

More than 70 agents have been affected by the collapse of the company, although support is reported to be given by its software supplier TBL.

Additional back-up is also being given to agents who are members of The Guild of Property Professionals.

ARPM staff are also reported to be owed money by their employer, after wages went unpaid "several weeks before rumours of problems at the company began circulating".

Both staff and investors are now waiting for confirmation that they will receive payment, with creditors also keen to hear further information.


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