Mon, 06 Sep 2021 | BUSINESS SALE
Bowmark Capital, the private equity owner of Leaders Romans Group, has appointed NM Rothschild to head a strategic review of the property agency which could result in a sale of the business. The potential auction for the firm, which has around 160 UK branches, could reportedly reach up to £400 million.
Bowmark Capital first invested in Leaders Romans in 2010 and has since backed it on around 110 acquisitions, helping it to become one of the UK’s largest property agencies. Bowmark has lent the group close to £100 million to fund its rapid development over the last decade.
The private equity firm originally backed an MBO before the group’s current form was established through the merger of three separate brands - Leaders, Romans and Boyer – in 2016.
Leaders Romans focuses mainly, although not exclusively, on lettings, employing more than 2,100 people across its 160 UK locations. The company is currently forecast to generate operating profits of around £35 million and reports indicate that a sale price is likely to reflect at least a 10x multiple of this figure, with the business expected to sell for between £350 million and £400 million.
The auction is likely to attract significant interest from large buyout firms and, should the sale proceed, is set to take place later this year or early next year.
Bowmark Capital’s potential exit from Leaders Romans comes amid a boom in the UK’s property market. Factors including the stamp duty holiday have fuelled significant corporate activity in the sector.
The potential sale of Leaders Romans along with the announcement last week that estate agent Chestertons would be sold for around £100 million indicate that this boom could see many owners cash in on their investments in UK property firms.
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Buckinghamshire IFA with £125m FUM and an average portfolio size per household just below £450k, you will be servicing highly profitable clients.
With an office, advisers and back-office staff in place, this business can continue running profitably post-sale.
Greater Manchester IFA with £52 million FUM at .05% ongoing charge, there is potential for future uplift.
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