Wed, 06 Dec 2023 | MBO/MBI
Property consultancy Cluttons has undergone a management buyout (MBO) with investment from private equity firm TREUN Capital. The MBO sees the company’s partners take control of the business and marks the end of its relationship with previous investor Rcapital, which has backed the business since 2017.
Cluttons, which is headquartered in London, has operations across the UK, with regional offices in Newcastle, Manchester, Bristol, Oxford and Reading, and employs over 220 staff. The firm provides a range of commercial and residential property services, including estate agency, property management, corporate occupier services, valuation and consultancy.
Since the end of the COVID-19 pandemic, the company has undergone significant growth, with revenues up by 25 per cent to £25 million in the last year. It has also invested in modernisation and geographic expansion, recently taking a new lease at a new sustainable office on Cannon Street, London and in 2021 launching a new Northern hub in Manchester.
TREUN Capital was selected as the company’s investment partner due to its closely aligned values and track record of providing long-term growth investment. TREUN was established by industry specialists to support mid-market businesses in their growth strategies, providing both experience and equity.
The MBO at Cluttons will see the company’s Chief Executive James Gray and Chief Financial Officer Nicholas Potter remain in their roles, while partner John Gravett has been promoted to the new role of Managing Director.
Alan Froggatt, CBRE’s former Chief Executive for Europe, has been appointed as the board’s Non-Executive Chair, while former Bidwells Managing Director Catherine Spitzer has been appointed as a Non-Executive Director.
Cluttons Chief Executive James Gray commented: "The last few years have been pivotal for Cluttons in building a leadership position in the management, sustainability and connectivity driven activities of professionally managed estates, particularly within the dynamic and ever-growing national energy and digital infrastructure sectors.”
"The unique combination of digital connectivity and sustainability advice we provide is critical to the delivery of both Government and client net zero ambitions. Alongside our residential, infrastructure and workplace strategy expertise, these strengths enable us to create value for our clients at every stage of the property lifecycle and we will continue to leverage from them as a key part of our growth ambitions."
Managing Director John Gravett added: "We have set our ambitions high but with the backing of TREUN Capital they are also realistic. We will continue to make key hires and our focused expertise and diverse client list continue to attract entrepreneurial leaders and ambitious professionals from competitors."
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