A major real estate company says it is concerned at the impact the financial failure of three of its Sydney agencies will have on its name, but will not intervene.
The franchisee of Raine and Horne agencies in the Sydney suburbs of Castle Hill, Dural and West Pennant Hills has called in administrators, with million of dollars believed owed to staff, landlords, purchasers and financiers.
However, the payment of outstanding money was now a matter for the administrators, not the Raine and Horne company, Raine and Horne chief executive Angus Raine told AAP.
But Mr Raine has offered to talk to people owed money after dealing with any of the three businesses.
“We didn’t put the offices into administration, the franchisee did,” Mr Raine told AAP.
“The first we heard of this was through the administrator who contacted us.
“We carried out a full audit of these offices in the last quarter of last year. Nothing came up then. As far as we know the trouble is quite recent.
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