Overseas operations of property manager Hostmaker sold in prepack deal

The overseas operations of property management business Hostmaker have been sold to new owners Houst as part of a pre-pack deal.

Hostmaker, which was founded in 2014, was active across nine cities in six countries (UK, France, Spain, Italy, Portugal and Thailand). It provided services to property investors, landlords and homeowners looking to let their property. 

Cash pressures in the early part of this year left the directors with little option but to place the company into administration. 

Houst (formerly known as Airsorted) has acquired equity in Hostmaker’s overseas subsidiaries  plus certain assets and contracts in the UK.

Regrettably, it was not possible to rescue the UK business as a going concern. As a result, 112 UK-based staff have been made redundant.

Graham Bushby, an insolvency partner at RSM Restructuring Advisory LLP and one of the joint administrators of Hostmaker said: 

‘While Hostmaker was providing a valued service to many of its property owners or ‘hosts’, the business suffered from severe cashflow issues at the start of this year. We are very pleased to have managed an accelerated sale process which has resulted in the sale of Hostmaker’s overseas operations and secured a continuity of service for some of the UK customers. However, it was not possible to rescue the UK business as a whole, and we are currently supporting staff with their applications to the Redundancy Payments Office.’

The new owners Houst, will be contacting relevant clients in due course. All other interested parties are invited to contact the administrators at restructuring.london.core@rsmuk.com.