The ARs, who attended the meeting in Weatherby today, say they were told by Home of Choice and LSL that they would be sent a contract within the next day or so and that if they sign this it should be possible to receive the commission owed to them soon afterwards.
At the meeting held by Home of Choice deputy executive chair Richard Coulson and LSL’s human resources director Lisa Charles Jones, the ARs were told that LSL was looking to buy the Home of Choice trading name among other assets.
Home of Choice has confirmed that the network is expected to go into administration before any buy-out.
Simplicity Financial Services principal Rob Downham, who attended the meeting, says: “There are still so many unanswered questions, until we actually see the contracts.”
A spokeswoman for Home of Choice says: “When the board recognised the potential financial difficulty steps were taken to secure further investment, in whole or in part, to support the business. However, despite a number of very positive developments, in the time available the necessary level of support could not be secured.
“The board were advised that in the circumsatances, administration offered the best solution to rescue the business.”