ERTY services group Colliers UK was yesterday taken over by Canadian giant FirstService under a pre-pack administration deal.
Debt-laden Colliers, which had been in talks with FirstService since January, appointed administrators this morning before it was snapped up for $22m (£13.9m).
The sale leaves shareholders with nothing due to the high levels of debt in the firm, Colliers said in a statement.
Chief executive Tony Horrell said he will continue to run the company, adding that “it is business as usual for us, and all our staff and client teams will continue as before”.
The company had debts of £34m at the end of June 2011.