GSPC goes into liquidation with the loss of nine jobs
ONE of the main property marketing firms in the West of Scotland has gone out of business with the loss of nine jobs.
The Glasgow Solicitors Property Centre (GSPC) has been placed into liquidation, with many of its assets being taken over by its counterpart in Edinburgh.
Administrators KPMG blamed the loss of key clients in recent years and a “tightening” market in Glasgow.
The 24-year-old firm marketed properties through its centres, weekly paper guide and website on behalf of different solicitors in the city, and boasted around 200 members at its peak.
However, in recent years it had come under threat from the growth of online-only estate agents and a move to offer digital services by established competitors.
It was reported that the firm, which was bailed out with loans from the Edinburgh Solicitors Property Centre (ESPC) two years ago, had suffered further “unsustainable” losses in the run up to it closing its doors.
All of those who have lost their jobs were based the company’s office in the centre of Glasgow.
Blair Nimmo, Joint Provisional Liquidator and KPMG’s global Head of Restructuring, said: “GSPC is a recognisable name in the west of Scotland and has been a part of the property market for more than 20 years.
“Unfortunately, and notwithstanding additional investment, the loss of key members has led to the cessation of trade and a number of redundancies.
“We will be working with the affected employees and the relevant government agencies to ensure a full range of support is available.”
A spokeswoman for ESPC said: “The Edinburgh and Glasgow property markets are quite separate and distinct and it is a reflection of the tightening of the Glasgow market that regrettably GSPC has had to close.
“As a fellow solicitor property portal we gave our support over the past two years and are disappointed that it did not have the outcome we all hoped for.
“We will continue to aim for continuity of service for Glasgow’s property buyers and sellers.”
However, Graeme Lumsden is Director of Ayrshire-based Black Hay Estate agents, said the opportunity for GSPC members to be part of the ESPC could be “very positive” with better links between property markets in the east and west of the country.