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An investor has reportedly shown interest in supporting the company through a restructuring.
Upside Realty announced that it was embarking on capital restructure on 13 July, with the firm confirming it has entered voluntary administration.
A release from the company’s director, Adam Rigby, said that the restructuring pertains only to the agent support organisation, Upside Realty Pty. Ltd., and it will not impact the operations of Upside’s licensed state-based headquarters, agencies or agents in NSW, Vic, ACT, and Qld. These offices, he stated, are “fully operational and will not need to be part of any restructuring.”
Mr Rigby, said the move was “designed to restructure debt and enhance the company’s operational capabilities and set the stage for long-term growth.”
The firm said it has already identified an investor who has signalled an interest in supporting the company through the restructuring process and repositioning it for future operational stability and growth.
Updates on the future financial prospects of the firm are expected within weeks.
The firm sought to assure anyone doing business with Upside’s offices and agents that “the state-based head offices will continue to provide the excellent services that our clients and agents expect and deserve, unaffected by the restructuring process.”
Last October, Upside altered its support offering, allowing agents to opt into one of three models when joining the network: the employment model, a partner agreement, and a business unit model.
Under the employment model, the network treats incoming agents as employees and pays them as such. The partner agreement allows the agents to run their business with support from Upside, while the business unit model facilitates agents scaling their business.
ABOUT THE AUTHOR
Juliet Helmke
Based in Sydney, Juliet Helmke has a broad range of reporting and editorial experience across the areas of business, technology, entertainment and the arts. She was formerly Senior Editor at The New York Observer.
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