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£100m deal for famous London agency - 'talks underway'

Sky News reports that the little-known Lomond Group - backed by private equity money - is in exclusive talks to buy one of the highest profile London estate agencies. 

Lomond Group has entered detailed negotiations about a deal that could value Chestertons at nearly £100m.

Sky is quoting unnamed sources saying that the exclusivity period was in its early stages “and cautioned that a deal was not certain to happen.”

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Lomond Group was created by a £100m merger of Lomond Capital and Linley & Simpson nearly a year ago.

Just today our sister publication, Letting Agent Today, has reported that Linley & Simpson has acquired two more independent agencies: they are family-run Moores in Leeds, and lettings specialist homes4harrogate.

However, Chestertons - which is over 200 years old and operates at the mid to higher end of the sales and lettings markets in the capital - is in a whole different league to Lomond’s previous acquisitions.

Back in September Chestertons put itself up for sale with a price tag of £100m; Libyan businessman Salah Mussa, who bought Chestertons in 2005, instructed professional services firm Deloitte to find a buyer for the firm, which has 31 branches across the capital. 

You can see the latest Sky News story here

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