Do I have to stay with a letting agent that has sold company to a different agent??

Letting Agents

Hi there, I'm hoping you can help with a friends situation. Basically they signed a management agreement with Company 'A' back in 2012 agreeing to them managing the tenancy agreement on a house they own. The contract extends to however long the current tenancy agreement is for (in this case the tenants haven't moved and so signed a new tenancy agreement for 2 years in the middle of last year). Company 'A' sold out their entire business to Company 'B' in November. Company 'A' didn't notify them of the change. Company 'B' they really DON'T want to deal with and they would like to move away from them. They have put this in writing to company 'B' and they have offered to pay one months management fee.

This was the reply from Company 'B'........

" Having discussed this with our legal advisors I can confirm that the contract between yourself and Andrews is fully enforceable by Oakfield. When Oakfield acquired Andrews there was a business purchase agreement in place which outlines that Oakfield acquired all contracts along with the benefit or burden thereof. For all contracts that are between Andrews and a Client these will be held on trust by Andrews on behalf of Oakfield until such time that the contract ceases or a new contract is signed between Oakfield and the Client.

Given the above, the contract you have with Andrews and the termination clause there in remain enforceable by Oakfield. I understand your position with wanting to cease management and we are accepting of that but there will be financial implications to this given that you are currently in contract. As per the termination clause in the terms of business management fees will be due for the remainder of the fixed term tenancy which takes us to 29th June 2022 leaving a balance due of %C2£1,060.80 including VAT to bring the contract to a close."

Please can you help with any advice on this situation? The landlords are in their 70s and I don't feel they are being treated at all fairly in this situation. Your help would be very much appreciated. Thank you