Agent's lost money 'covered by Arla'

A residential letting agent with offices in Spalding and Boston has collapsed, but the money owed to tenants and landlords was protected by Arla.

Eleys Management, a residential letting and management agency based in Lincolnshire, recently collapsed and Arla confirmed that over £150,000 has gone missing.

This money includes landlords' rents and tenants' deposits.

However, as the agent was a member of Arla, the money was covered by the association's Clients Money Protection Scheme.

A statement on Arla's website read: "Landlords and tenants who believe they have a claim should contact Arla with documentation to substantiate their claim.

"Arla has pointed out that there are substantial amounts of money to be accounted for and that investigations are being carried out as quickly as possible in conjunction with the liquidator of the company."

Arla was formed in 1981 and now represents over 1,800 letting agents throughout the UK. Membership is only possible for those agents who can "demonstrate that they have a thorough knowledge of their profession and that they conduct their business according to current best management practice".