Australian group buys DTZ out of administration

Property agent DTZ has been acquired by Australian support services firm UGL in a pre-packaged administration.

The deal went through last night after DTZ Holdings went into administration.

It was handled by Ernst & Young which said the move had safeguarded 4,700 jobs. The assets have been acquired by UGL Group Europe for £77.5m, "plus an adjustment for cash".

DTZ employs around 115 people across offices in Manchester and Liverpool.

Alan Hudson, joint administrator, added: "DTZ has experienced tough trading conditions as a result of the downturn in the global property market and this has unfortunately resulted in the parent company being unable to continue outside of administration.

"However a deal has been completed that sees all the underlying subsidiaries being sold and the business continuing to trade without interruption."

UGL said the deal will transform its property services division into one of the world's largest. It sees particular potential in China where DTZ has 1,300 staff across 18 offices.

Following the deal UGL will have 53,000 staff in 43 countries.

DTZ's shares were immediately suspended and the company has delisted.