Potential buyers of Chestertons, the high end London agent which is for sale with an asking price of £50m, are likely to submit their offers later this week.
The firm is owned by the Mercantile Group - an investment firm controlled by Libya-born Salah Mussa - and by London-based private equity firm Tridevi. Chestertons appointed Cavendish Corporate Finance to find a buyer back in July.
Now London's free-to-readers daily paper, the Evening Standard, claims that bid documents will be sent out to would-be buyers a mix of private equity firms, rival estate agents and commercial property players wanting a residential aim - by close of business on Friday, with the new owner being revealed by the end of the year.
Back in February, Estate Agent Today revealed that the old Chesterton Humberts agency would split its residential activities into two companies with separate brand names and different geographical areas. Chestertons' now consists of 29 London offices and 20 international branches; Humberts operates its 24 existing branches outside of the M25.
Ironically just before the split, the old Chesterton Humbers was awarded the title of sales agent of the year 2014 in the RESI awards organised by Property Week magazine.
Chestertons and Humberts have existed before as separate businesses in different ownerships but in 2009 the pair merged.
Humberts in particular has had a troubled time. It was briefly in administration in 2008 and now has had a controversial rebrand with some of its own agents complaining to Estate Agent Today that its new pastel-coloured floral' style logo lacks punch.
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