There is a report that the private equity owner of Leaders Romans Group has appointed bankers to work on a ‘strategic review’ which could lead to its sale.
The specialist online service Private Equity Insights says the group - which concentrates largely but not solely on lettings - has appointed NM Rothschild to work on a possible sale of the agency's 160 branches in the UK.
PE Insights says: “Bankers said Leaders Romans is expected to generate around £35m in operating profits, so the business could be sold for between £350m and £400m.”
Private equity firm Bowmark Capital originally invested in Leaders Romans in 2010 and helped it carry out 110 acquisitions to make it one of the largest agencies in the UK. The group came together in its current form in 2016, merging three long-standing brands - Leaders, Romans and Boyer.
The firm’s website says it employs over 2,100 people across the country.
Last week it was revealed that Chestertons, the London high-end estate agency chain, was looking for a buyer.
That agency is thought to have hired Deloitte, the professional services firm, to handle an auction of the business; the price tag is likely to be circa £100m, according to one report.
The business is owned by an investment vehicle of Salah Mussa, a Libyan businessman who acquired it in 2005.
You can see the LRG story on Private Equity Insights here.