Strutt & Parker: local offices outside London 'may not be part of sell-off'

A well-informed industry article on the possible sale of Strutt & Parker to French bank BNP Paribas suggests that the deal, if it happens, may not include the firm’s 60 estate agency offices outside of London.

Property Week says the much-rumoured sale of the historic estate agency - which we reported on last month - would include Strutts’ prime central London residential offices as well as the company’s entire commercial business. The publication says the deal is now in its later stages, with BNP Paribas undertaking due diligence.

It’s thought that under the deal the commercial and London residential elements of Strutt & Parker may become part of BNP Paribas Real Estate (BNP PRE).

Strutts’ performance in recent years has been hit by, it says, stamp duty changes.

Andy Martin, Strutt & Parker’s senior partner, is to step down this year. Last December, announcing figures for the year ending April 30 2016, Martin said Strutts enjoyed revenues of £107.7m and operating profits of £18.9m.

“We experienced a full year’s reflection of the increase in the top rate of stamp duty to 12 per cent which had particular ramifications for the London market ... We also saw the full impact of recent political events and fiscal decisions which have undoubtedly affected confidence in the markets we trade, including the introduction of stamp duiy for second home purchases” he stated at the time.

Both Bidwells and CBRE have been linked to possible mergers or acquisitions involving Strutt & Parker in the past 18 months.