Black Country property firm Bond Wolfe has abandoned its attempt to buy the Birmingham office of crashed estate agents Chesterton.
Bond Wolfe, headed by Paul Bassi and Rory Daly, had been conducting negotiations to buy the company which was plunged into receivership last week.
Terms had been agreed with the receiver Grant Thornton for the up-market estate agent which had offices in Colmore Row.
But Bond Wolfe eventually decided to pull the plug after it discovered many of the staff who had been made redundant had already found new jobs.
Mr Bassi said: "We have made every effort to retain the Chesterton operation in Birmingham and had in principle agreed terms with the receiver.
"However, the decision to make all the staff redundant has fragmented the staff and clients and made it difficult to assemble a sizeable and viable operation.
"Regrettably, we therefore have withdrawn our interest, and advised Grant Thornton accordingly.
"We are most disappointed at this conclusion and sadly there will no longer be a Chesterton office in Birmingham.
"We continue to actively seek to acquire an established commercial practise in Birmingham."
Harvey Williams, regional spokesman for the Royal Institution of Chartered Surveyors, said: "It is sad that the name of Chesterton is leaving Birmingham.
"It has been established in the city for a number of years, and had a very good reputation."
Meanwhile commercial property firm King Sturge's Midlands operation has signed up a professional services team from the Chesterton Group.
An eight-man team started work yesterday at King Sturge's recently-opened East Midlands office in Nottingham city centre.