Andrew Grant offices in Ludlow, Stourbridge and Kidderminster have shut with the collapse of the Worcester-based company.
Fifty four people were made redundant as Andrew Grant – which works across the Black Country, Shropshire, Worcestershire, Herefordshire and Warwickshire – went into administration.
Only 18 jobs were saved in a pre-pack deal for the lettings and property management part of the company, and brand name of Andrew Grant which had been going for nearly 50 years.
The business, which had incurred “substantial trading losses” over the last two years, was restructured last year.
The closure of offices because of the Covid-19 lockdown meant it needed substantial additional funding to be able to continue.
The firm had its offices in Foster Street East, Stourbridge; Worcester Street, Kidderminster and High Street, Ludlow. High street offices in Bromsgrove and Worcester have also been closed with the sale.
The joint administrators from RSM agreed a deal with the management team, supported by independent investors Peter Bloomer and Scott Richardson-Brown.
The new management team is Joanna Monro, George Pickard, Caroline Hope and Anneke Babber.
Andrew Grant Sales has acquired the existing residential sales agreements and will continue to provide services to those customers. Andrew Grant Lettings will run the lettings and property management side and Andrew Grant will be a new online sales platform. All lettings staff have been kept on
Mr Richardson-Brown said: "There is a huge need for personal service. We are going to do it with a different model and without a branch network.
"There is a viable business here. We will be using internet technology to drive the business.
"We will be employing additional people in the long term."
Joanna Monro, chief operating officer, thanked staff who had been made redundant as part of this process.
"I want to thank my colleagues amongst the management team for their hard work and dedication in completing this transaction in order to protect the legacy of the brand; and we now look forward to utilising the best technologies and people to provide an unrivalled customer experience," she said.
Founder Andrew Grant, who will be a consultant to the new businesses, said: "I am extremely supportive of the new ownership and am confident that it is in the safest of hands. I wish them all the best."
Mr Grant from Kidderminster started the firm in Worcester in 1971 and at one stage it employed more than 100.
Andrew Grant had closed a number of high street offices including in Redditch, Droitwich and Hereford last autumn to centralise operations and adopt a ‘hub’ style of agency.
The new business, which is currently being run from home, is now looking for an office space in the Worcester area