Braemar Estates sold for £1.9m
Brooks Macdonald, the AIM listed wealth management group, has sole its Hale-headquartered property management business for £1.9m.
Braemar Estates is being acquired by rival propery management firm Rendall & Rittner, which will pay an initial 50% upon completion and the remainder deferred, payable over a two-year period from the completion date.
Brooks Macdonald said that it had decided to sell the business to improve the group’s overall margins and to stramline the business.
In the Group’s financial results to the end of June 2017, also announced today, Braemar Estates represented 3.2% of the Group’s £91.7m revenue (£2.9m) and 0.7% of its underlying profit (£126,000).
Caroline Connellan, chief executive of Brooks Macdonald Group, said: “The disposal of our property management business will enable us to focus more closely on our core offerings and is expected to contribute over time to improved margins.”
The deal is expected to complete by the end of the year, following a TUPE consultation.
As well as its Hale headquarters, Braemar Estates has offices in Mancehster, Liverpool, Birmingham and London.
