Chestertons, the London high-end estate agency chain, is reported to be looking for a buyer.
Sky News says it’s hired Deloitte, the professional services firm, to handle an auction of the business; the price tag is likely to be circa £100m.
The business is owned by an investment vehicle of Salah Mussa, a Libyan businessman who acquired it in 2005.
There are 31 Chestertons offices in London, mostly handling both sales and lettings, and it is developing a franchise model which Sky says has seen it expand to 70 offices worldwide.
In June it reported its best ever half-year figures for the first six months of 2021. Chestertons’ sales nearly tripled in June compared to May and the agency recorded an 82 per cent increase in exchanges compared to this year’s previous record month of March.
The first six months of 2021 saw its highest aggregate number of sales for any first half year period. Compared to H1 2020, the agency’s offices witnessed new buyer registrations rise by 21 per cent and new instructions increase by 46 per cent. Transaction volumes enjoyed a 142 per cent uplift and offers being accepted rose by 41 per cent.
The company, founded in 1805, operates at the high end of the residential market; it was reported to have been put up for sale in 2014, but no deal materialised.
You can see this evening's Sky News story here.
* In June, Angels Media's chief executive Nat Daniels spoke with Chestertons' chief executive Guy Gittins - you can see that here.