Creditors of an estate agency are being asked to place the firm into liquidation after it became insolvent.

Danny Wright, of Bridge Business Recovery, is handling the winding-up of James C Penny, which has offices in Walton Street, Oxford, and High Street, Burford.

The Burford office only opened last November.

Mr Wright said he was waiting to hear from the creditors before he could give a figure for the debts.

A creditors’ meeting will be held a week tomorrow.

Mr Wright added: “The companyhas ceased trading and we will be looking to put it into liquidation, subject to creditor’s approval.”

Meanwhile, another Oxford estate agent, Cluttons, has closed its residential sales office in Gloucester Green, but the firm declined to say how many jobs had been lost.

A spokesman said the lettings side of the business would remain open.