Storeys fends off fourth approach to go it alone

Mar 22 2010 by Peter McCusker, The Journal

Mr Lynn said storeys:ssp’s refocusing of the business may see it convert from private company to a Limited Liability Partnership.

“There are tax benefits to the partners from changing the company’s status, but we have to balance these with the costs of amending our status,” he added.

Mr Lynn said that like most property firms it has cut jobs in the last year and currently employs over 80 staff, but went on to say it is now recruiting more staff.

Mr Lynn says the firm’s strengths lie in investment, property rating and property management and says growth is expected in all of these areas over the coming year – though he remains cautious.

“I have experienced three recessions and this one has been like none of the others,” he said. “In the past we had high interest rates, or high unemployment, or high inflation or a combination of these things.

“But this time round we do not have the money in the system. Property has been the main sufferer of the lack of available cash. However things are beginning to look better, although we should not get carried and we are not out of the woods just yet.”

As well as it Newcastle office the firm has offices in London, Manchester, Leeds and Teesside.