Upad Announces Closure of U.K. Lettings Business
Deal News | Apr 25, 2025 | Aim Group
Upad, a property rental business in the U.K., will cease its operations on June 27, 2025, halting its trading activities. This decision comes after the company's acquisition and operational overhaul by Howsy, and a subsequent acquisition by the estate agency Dexters. Upad originally went into voluntary liquidation before Howsy purchased it in 2020. Howsy's financial struggles led to its sale to Dexters, after which both Upad and Howsy faced numerous challenges, resulting in redundancies and eventually the decision to close. The announcement was made through Property Industry Eye and a spokesperson stated that the website will soon reflect this update.
Sectors
- Real Estate & Property Management
- Investment Management & Private Equity
Geography
- United Kingdom – The events described, including company operations and acquisitions, are occurring within the U.K. property market.
Industry
- Real Estate & Property Management – The article deals with companies primarily engaged in property rental and management services in the United Kingdom.
- Investment Management & Private Equity – Includes information about acquisitions, disclosures of financial challenges, and the sale of a business entity.
Financials
- £8.4 million – Negative equity recorded in Howsy's last accounts filed with the U.K.'s Companies House.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Upad | Target Company | Company | A property rental business in the U.K. ceasing operations in 2025. |
| Howsy | Acquirer | Company | An online lettings business that acquired Upad and subsequently sold to Dexters. |
| Dexters | Bidding Company/Buyer | Company | Major U.K. estate agency chain that acquired Howsy in a fire sale. |
| Property Industry Eye | PR | Company | Platform where Upad's closure announcement was shared. |