Two Mackay Property companies in Sawbridgeworth entered liquidation with almost half a million pounds in debt, and their founder has already set up a new eXp‑backed operation from the same address.
The estate-agency duo operating under the Mackay Property name ceased trading on 8 September 2026 and were placed into creditors’ voluntary liquidation. Both entities – Mackay Property Agents Limited and Mackay Property Lettings Limited – were based at 25 Bell Street, Sawbridgeworth, and together now owe creditors £468,920.
Exact scale of the debts
Company filings show that HM Revenue and Customs accounts for roughly £258,000 of the total, while private lender Funding Circle claims £135,000 and NatWest is owed just over £51,000. Employee arrears approach £11,000 and other preferential claims round out the figure.
The two firms, incorporated in 2010, reported estimated deficiencies of £436,539 and £32,580 respectively, indicating little to no assets will be available for preferential creditors.
Founder’s view and the move to eXp
Adam Charles Mackay told industry reporters that the businesses had run profitably for years before the pandemic forced him to borrow heavily to keep staff on payroll.
He explained that the sudden rise in costs, tighter regulation and a spike in taxation created a “corporate environment … more challenging than ever.” Despite the liquidation, Mackay says he has not abandoned the trade. He now leads an eight-agent team under eXp World UK Limited, marketing the new brand as Muvin and using the same Bell Street address and phone number.
According to Mackay, the eXp venture is completely separate from the insolvent companies; no evidence suggests that eXp has assumed any of the former debts. The new website redirects from the old Mackay Property domain to the Muvin page, where listings for Sawbridgeworth and surrounding areas continue to be displayed. The liquidators, Alexander Kinninmonth and James Prior of FRP Advisory Trading Limited, will now assess whether any of the debtor balances or director’s loan accounts can be recovered for creditors.
Industry-wide debt pressure
While Mackay’s case is a local illustration, it mirrors a broader strain felt across the UK property sector. Major brokerage groups such as Leaders Romans Group, Lomond and Dwelly have each reported balance-sheet pressures exceeding £30 million, with finance costs sometimes topping £50 million per year. High-interest borrowing – often above 11% – and a dip in agreed sales (down 8% year-on-year on Rightmove data) have squeezed cash flows.
For example, Leaders Romans Group recorded a pre-tax loss of £69.5 million on revenues of £298.8 million, with annual finance charges of £50.7 million. Lomond’s former parent posted a £32.1 million loss on turnover of £116.6 million, and Dwelly’s parent, Prospire Technologies, posted a £3.7 million loss while aiming for 50 000 managed properties by the end of 2026. The trend suggests that agencies relying on debt-funded expansion may find the cost of servicing that debt unsustainable as borrowing rates rise.
Independent and family-run agencies could find opportunities in this environment if they possess cash and avoid high-interest liabilities. One notable outlier, Spicerhaart, operates with no debt, a fact highlighted by industry observers as a competitive advantage in a market where many peers are paying double-digit interest merely to stay afloat.
