Mustbesold has closed its London-based national auction operation because of a significant reduction in property auction volumes.
The firm, owned by estate agent network Spicerhaart, launched in 2008 and ran property auctions in London, servicing the English market, and Cardiff, servicing Wales.
The auction house will continue to hold auctions in South Wales, but will be rebranded as Darlows Auctions.
Spicerhaart PR manager Stephen Wright said the firm was closing its London auction because of a reduction in property auction volumes and would “refocus” on Wales.
The company informed its clients of the closure in a letter, seen by Estates Gazette, which said: “Mustbesold has recently experienced a significant reduction in property auction volumes, which has adversely impacted its financial performance.
“As a result, we have reviewed carefully the Mustbesold business and concluded that under current market conditions there is no reasonable prospect of it achieving its key objectives.”
