Humberts has sold Richard Harding Estate Agents for £1.06 million,of which £60,000 pounds was paid in cash and the balance represents the cancellation of the outstanding deferred amount of £1.0 million.It has been sold back to the original Vendor.

Humberts said the proceeds will be used to assist its working capital position and added it will continue to evaluate its options in the current challenging market.

In the year to end-March 2006, Richard Harding, the firm founded by the former England rugby union player, made profits of £627,000, before partners' drawings, on a turnover of £1.11 million, Humberts added.

RHEA operates from a high profile office in Clifton, Bristol and specialises in the sale of residential property.  Richard Harding was purchased in September 2007 for a maximum total consideration of £2,543,000 of which £1.43million was paid in cash and £600,000 in Humberts shares with the balance representing deferred consideration and acquisition costs. It says alot about Humberts current situation that £60,000 was all they could now get back on the RHEA deal.