Cluttons - which a year ago was bought out of pre-pack administration by a so-called ‘turnaround’ business, RCapital - has now sold off its Middle Eastern business to Savills.
The value of the deal has not been announced but the Middle Eastern press says the deal allows Cluttons to concentrate on resuscitating UK activities. In last year’s pre-pack arrangement with RCapital, some of Cluttons’ London residential offices were closed.
The Savills acquisition includes the rebranding of Cluttons’ Middle East offices later this year, and the retention of all 190 staff.
A Savills statement says: “This new business in the Middle East provides a vital bridge between Savills’ expanding European business and its established Asian operation, further strengthening Savills’ global coverage ... Savills has developed some strong relationships with its associates in the region over many years and while the formal associations will come to an end, the firm expects to continue cooperating with its former partners in the future.”
Cluttons Middle East had offices in the UAE, Sharjah, Bahrain, Oman and Saudi Arabia. The Middle Eastern offices had been regarded as the jewel in the crown of Cluttons’ activities for many years before the company ran into financial difficulties.
“The Middle East region is key to the global economy and its continued economic development, increased government investment and a young population will continue to accelerate its significance” says Mark Ridley, Savills Deputy Group Chief Executive.
“The acquisition of Cluttons Middle East geographically links our European and Asian business by enhancing our EMEA [European and Middle Eastern] platform.”