Harcourts Preet & Co, whose principal Preet Grewal 17 months ago was lauded as one of the youngest Harcourts business owners in the country, has gone into administration.
Administrators Meltzer Mason confirmed to the Times that it was shortly to file an administrator’s report with the Companies Office.
Preet & Co’s Botany offices are empty although the Howick and Pakuranga offices are still in business. The Times understands a new owner is in the process of taking over the Botany office.
Bronwyn Anchor, centre manager at Botany Town Centre, would only say that the business is changing hands which is being managed by the administrator.
Harcourts Group head office had little to say too. “Harcourts is unable to comment as Preet & Co is in administration.”
All questions were referred to the administrators Meltzer Mason.
In October 2016, Harcourts said in a media release Preet & Co was Harcourts’ fastest growing franchise
“At just 33 years old he is already one of the youngest Harcourts’ business owners in the country.
Harcourts Preet & Co, which already owns the Manukau, Otahuhu, Botany and Ellerslie offices, took over the established Harcourts offices in Howick, Meadowlands and Pakuranga.
Preet & Co purchased the offices from Harcourts Eastzone Realty, which was co-owned by real estate veteran David Clifton, who moved on after 17 years with Harcourts.
“It’s been a whirlwind of success for Preet since founding Preet & Co in April 2012,” the 2016 media release said.
“By September 2014 Preet was ready to expand and he opened the Harcourts Otahuhu office. Two months later he launched Harcourts Botany.
“Earlier this year (2016) he purchased the established Harcourts Ellerslie office, and just this month Harcourts Howick, Meadowlands and Pakuranga.”
A media report in January this year said an investigation had been launched into
“abnormalities” in the trust account of Preet’s multi-agency group.
About $1.7 million of trust account money is said to be involved, according to a person familiar with the situation, the NZ Herald reported.
A Real Estate Agents Authority spokesperson told the Herald: “The REAA has completed its investigation into the abnormalities in the trust account of Preet & Co. The matter is now in the hands of the (Real Estate Agents Disciplinary Tribunal) tribunal.”