National real estate network REAL has gone into receivership, a fortnight after closing five of its offices.
Last week the board of REAL Management was trying to get the different regions to run the business through regional franchises (see earlier story). The legal/real estate combo was launched in July, aiming to challenge established methods of selling houses. However, it struck stiff competition and an extremely tough housing market.
Two KPMG partners were appointed receivers of the company on Friday. They plan to keep REAL's current 23 offices open while they search for potential investors.
