The eight strong residential estate agency team of a prominent Scottish law firm is being off-loaded to a rival, according to press reports.
Morton Fraser’s resi team will now work for Edinburgh estate agency Coulters, in which Morton Fraser has taken a minority stake.
Morton Fraser itself will now concentrate more on private client legal work.
Chris Harte, chief executive of Morton Fraser, says: “Being an independent firm means we have the freedom to determine what investments will best serve our clients and our people. The estate agency sector is increasingly competitive and requires a single-minded commitment to a consumer brand. It also means our talented team will be given the opportunity to contribute to a growing business in a way we could not realistically have offered.”
Ben Di Rollo, head of business development and marketing at Coulters, adds: “The combination of the Coulters brand and success story with the great team from Morton Fraser will undoubtedly have a positive impact on a sector which is traditional in nature.”
This is the latest part of a shake-out in the Scottish agency industry.
Recently the Glasgow Solicitors Property Centre - which at its zenith has around 200 solicitor and/or agent members - closed with the loss of nine posts.
Early this year the Edinburgh Solicitors’ Property Centre - which for trading purposes included the Glasgow SPC - reported a loss of over £77,000, compared to profits of over £950,000 the previous year.