Colliers in the red

Aug 1 2008 by Henryk Zientek, Huddersfield Daily Examiner

COMMERCIAL property agent Colliers CRE slipped into the red during the first half of 2008 as the credit crunch hit the market.

Fee levels slumped to £40.04m from £49.63m last time amid “softening” demand for property services – resulting in losses of £4.49m compared with profits of £3.01m before.

Colliers said a review of the group’s costs would result in savings of £5m in the UK business this year and £10m a year after that.