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Robin Paterson, the agent who reportedly made millions through Hamptons International, has teamed up with another property mogul to buy the British franchise of Sotheby's.

Paterson and Chris Palmer reportedly aim to invest £7m in the business with plans to expand it in prime central London from its current three offices to 15 and to add a further seven branches in the Home Counties.

Paterson has been living and working in the Caribbean since selling Hamptons International for £45m in 2004. In 2005 he founded Capital88 in 2008 to develop 88 St James's Street in London, and worked with the development of the Four Seasons private residences in Barbados.

In recent years he has purchased an island in the Grenadines and has worked with British entrepreneur Peter de Savary on the sale and marketing of units on Grenada.

Countrywide - which held the Sotheby's British franchise until announcing the disposal early this summer - had similar plans back in 2010 to expand the Sotheby's brand but these were abandoned when, ironically, it also acquired Hamptons International. In the past four years it has concentrated on making this the group's premier up-scale brand.

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