Queensland property franchise, Go Gecko, has gone into voluntary administration, however it affects only the company-owned stores, with business continuing on as usual for franchisees.

According to SmartCompany, Vincents Chartered Accountants are the administrators, and over 40 franchisees were told about the situation earlier this week, where they were also informed that the company’s chief executive, Geoff Doyle was being replaced by Noel Scully.

In a statement released by Go Gecko, Scully, who is referred to as the chairman of the Go Gecko group of companies, said:

“The group has decided to focus on continuing to build its successful franchised business model and to close company owned offices and where appropriate offer them to franchisees.

“Whilst the slow real estate market in some areas has contributed to this decision, Go Gecko Group believes the franchised strategy is necessary to maintain its record of strong growth.

“Our franchisees and their customers will benefit from being part of a dedicated and expanding network of real estate offices under the strong Go Gecko brand.

“It’s regrettable that some loyal company employees find themselves out of work in these circumstances and we are taking steps to assist those affected.

“The restructuring is now taking place under the guidance of the company appointed administrators and the wider group remains unaffected.”