Chestertons sold to European technology and property ...

Chestertons, one of the UK’s oldest estate agencies, has been sold to a European real estate services and technology group.

The buyer is Campions Group Limited, a subsidiary of Emeria, which is described as "one of the world’s leading providers of real estate services and technologies".

The seller - Mercantile Group - will retain ownership of Chestertons Global and will continue Chestertons’ non-UK operations.

"The sale marks a significant vote of confidence in the UK property market and the highly successful turnaround and continued success of Chestertons UK" says a statement from Mercantile.

The Financial Times reports this afternoon that the deal for the London-focussed estate agency is worth some £100m.

Salah Mussa, chairman of Mercantile Group, says: “In the 19 years since acquiring Chestertons, I have watched the brand grow substantially to resume its place amongst the leading names in residential property. This has been possible thanks to the enormous hard work and dedication of everyone at Chestertons.

"With 2023 set to be a record year for the business, it demonstrates how we have transformed from a struggling small agency, into a thriving, resilient business.

" Emeria is an outstanding company with a significant global presence and one which I am confident will be able to further accelerate Chestertons’ growth and ensure the business delivers on its enormous potential. Chestertons Global will be working closely with Chestertons UK under the ownership of Campions to ensure that opportunities continue to be freely shared across all companies using the Chestertons brand.

"I would like to express my sincere gratitude to the entire Chestertons team, past and present, who have helped me build a strong brand with a unique culture. I wish them all the very best for an exciting and prosperous future ahead under Emeria’s leadership.”

Chestertons was founded in 1805 and bought out of receivership in 2005 by the Mercantile Group; four years later Chestertons was temporarily reunited with Humberts in 2009 after Mercantile bought the majority of Humberts out of administration.

The company split the two brands again in 2014.

Under Mercantile’s ownership, Chestertons has expanded in the UK to 30 branches; its global brand (which is not part of the sale) operates in 12 other countries.

The FT says that in the UK, Chestertons’ revenue rose from below £17m in 2006 to a forecast record revenue of £70m this year.

Chestertons and Emeria, in a joint statement this afternoon, say the deal will allow “substantial investment into expansion of the 200-year-old business”.