Chestertons, which is itself currently on sale, has snapped up independent London Residential, a firm operating in the north west of the capital.
The deal, for an undisclosed sum, sees Chestertons absorb London Residential’s sales and lettings business into its existing Camden office.
This latest acquisition comes after Chestertons’ recent purchases of east London lettings business, Morgan Randall, and Fulham lettings agency, Snell & Snell.
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.
Of the latest acquisition, Chestertons chief executive Guy Gittins says: “We will continue to invest in acquiring independent agencies that have the potential to improve our London coverage. As a crucial element of our growth strategy, we are also investing in new technology and our ‘People and Culture’ department, which recruits, trains and develops the best people in the industry to ensure that our clients always get the best advice and the best service.”
He continues: “With extremely strong demand from buyers and tenants, our expansion and the coherent boost of our portfolio couldn’t have come at a better time. London Residential has grown an excellent reputation since it was established in 2003 and our acquisition is a vital step to support Chestertons’ industry-leading organic growth and will further accelerate our market share of 31 offices across London.”
Steven Govier, London Residential’s founder and chief executive, comments: “Nearly 20 years after setting up the business, I am glad to be able to pass it to a company with the history, reputation and vision of Chestertons. Chestertons is without doubt one of the top agencies in London and I know our clients will be in very capable hands and will be able to enjoy the benefits of Chestertons’ impressive processes and scale.”
Chestertons, one of the UK’s oldest estate agencies, has been sold...
A new boutique estate agency is to open in London, run...
The Lomond Group, reported over the weekend to be in talks...
The sealed bids process - where purchasers submit their final offer by...
The predictions game can be tricky. Sometimes you just don’t know...
Leading UK property auctioneer Bond Wolfe has broken through the £100...
Uncertainty triggered by the new Labour Government and taxation concerns that...
In today's rapidly evolving property market, the focus on reducing transaction...
.png)
An exciting new collaboration between TVPN, EstateApps and Paul Long is...
By Mike Bilboe, Face For Business Buying or selling a home can...
LSL Estate Agency Franchising is home to one of the UK’s...
.jpg){kind=logo}
B-hive Block Management Partners Celebrates Major Milestone With Over 100 Businesses...
.jpg)
Tell us a little bit about National Home Move. We are a...
If you’re thinking about becoming an Estate Agency franchise or converting...
Estate agents and lettings agents have a legal obligation to protect...
You don’t have to simply accept things as they are when...
From the uptick in house sales in January to a house price...
Happy birthday to us….and all members of the The ValPal Network! We...
With a combined value surpassing £7.4 trillion, the UK’s 29 million...
%20-%20IMAGE%20Client%20Accounting%20%E2%80%93%20what%20are%20your%20options.jpg)
The benefits for letting agents to outsource their client accounting is...
When almost all agents and developers use the tried and tested formula...
I think we can all agree that the National Trading Standards...
.png)
As domestic battery storage systems become increasingly prevalent in UK homes,...
.png)
A team from The ValPal Network joined industry Facebook ads expert...
.png)
In this interview, Riccardo Dawson, Chief Operating Officer at Alto and...
%20(002).png)
In today's fast-paced and ever-evolving property industry, it’s essential that forward-thinking...
A client account is essential to your lettings business, but the...
As electric vehicles increasingly populate our roads and the necessity for...
As estate agents, it is important to make sure that your...
Estate agency has changed. No longer is it required to sit in...
Changes to consumer behaviour usually arrive in waves. Most of the...
At iamproperty we are excited to share the announcement of our...
It’s no secret – 2023 is a difficult year for the...
In an exclusive interview with Estate Agent Today, Simon Coaker, Sales &...
2023 has been coined as ‘the year of AI adoption’, and...
%20(002).jpg)
There are a few common questions that arise when the issue...
As a signage company we know we have a serious responsibility...
The Government’s mini budget on September 23 was anything but ‘mini’...
Agent websites have become more crucial than ever in attracting new...
.png)
Who are you and what does it say on...
Who are you and what does it say on...
Who are you and what does it say on...
Join the conversation
Jump to latest comment and add your reply
What an excellent time to sell and an absolutely atrocious time to buy.
buying someones business and having access to a vast database of past clients has massive value for agents looking to play the nurturing game. Driving branded tech into that prospective market will yield a return.
Sounds as though the deal is “book buying” rather than including additional premises etc and so Chestertons should be able to create “added value” from the transaction on many levels.
Well done, Chaps!! Good accretive acquisition.
Please login to comment