Thu, 18 Sep 2014 | BUSINESS SALE
Offers are being invited for long established estate agents Chestertons with a guide price of £50 million.
Cavendish Corporate Finance was brought in by Chestertons’ owner Mercantile Group to seek a buyer back in July. It is hoped a deal will be finalised by Christmas, with information on the sale being sent out to potential buyers this week, The Independent reported.
Interested parties include private equity firms, commercial property consultants and rival estate agents, who would benefit from the boost to their residential business.
Founded by Charles Chesterton back in 1805 in Kensington, London, Chestertons is today fronted by its chief executive Robert Bartlett.
Chestertons works with the London and international markets with a presence both in the UK and overseas, including Italy, France, Switzerland, Barbados and South Africa. It had been joined with Humberts, Mercantile’s other business, in 2009 before being separated again this year. Humberts now focuses on UK properties outside of London.
There have been indications in the property market of late alluding to slowing growth in London from estate agents Foxtons. The times of dramatic price increases in London’s property market could be well and truly over, then, providing some context to Chestertons’ sell off.
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