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A Devon-based estate agent has closed its eight sales offices after going into administration earlier this month.

Eighteen people have lost their jobs as a result of the closure of Nigel Green Estate Agents which has offices in Teignbridge and Torbay.

However, a spokesperson for the firm said that clients with properties under offer will still have sales processed.

The property rental side of the business, which employs 10 staff, is continuing to operate as normal.

At its peak the firm employed 60 people.

The company went into administration on 6 February, resulting in a number of full and part-time positions being lost earlier this month.

'Shrinking market'

Business recovery firm Lameys were called in to try to save the sales side of the business.

Michelle Weir, of Lameys, said: "We all know that the housing sales market is shrinking rapidly in the current recession which unfortunately compromised this business, necessitating my appointment.

"At the same time, the recession has increased interest in the rental sector and therefore I am able to keep this side of the business operational and it has attracted strong interest from the market."

Property consultancy firm Edward Symmons was tasked to find a buyer for Nigel Green.

But the company's Nick Wheeldon said they had only received offers for parts of the business, rather than the entire operation.

He added: "However, we have had several good offers for the property rental business and we expect negotiations to be concluded in the very near future."

Story from BBC NEWS: http://news.bbc.co.uk/