PARADOR PROPERTIES is to remain in Portugal despite the head office at Redhill in Surrey being under voluntary administration.
In a statement, it was announced: “Due to the downturn in the overseas property market Parador Properties has gone into voluntary administration while it restructures the sales and marketing process.”
It was made clear that any properties bought using the company would not be affected by the situation because, “Parador Properties only acted as an introductory agent” in the sales of property overseas.
Steve Harris, the after sales manager in the Algarve, told The Resident: “We are awaiting the final findings of the administrators in the UK which we should know about in the next week, but Parador Portugal is a separate company and is registered as such. We use the UK to source clients but we still have plenty coming on tour and expect September to be busy as usual.”
Parador Properties have been selling a number of developments in Portugal both in the Algarve and on the Silver Coast, north of Lisbon.
Sales contracts in Portugal were made between clients and builders directly and any problems facing the company should not be passed on to the owners of new homes in Portugal.
Business as usual
“We expect Parador will be restructured and continue to function with new head offices, perhaps in Spain, but the Spanish and Portuguese Parador companies are still very viable and should continue to function,”said Steve Harris. “As far as we are concerned, it is business as usual here in Portugal.”
Various methods of sourcing clients from the UK and Ireland are expected to be used without having a head office in the UK including promotions at expositions and within the media.
Formally the UK’s leading independent overseas property sales company, Parador Properties was founded in 1998 by Simon Lambert and managing director Jack Hamilton.
Earlier this year, Jack Hamilton decided to release his shareholding in the company leaving Simon Lambert in control of all aspects of the business and overseeing the developments and activities both abroad and in the UK.
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