Talks begin for potential acquisition of 216-year-old estate agents
A residential lettings group supported by the private equity arm of Britain’s biggest high street bank is reported to be in talks to buy estate agents – Chestertons.
Sky News says it understands Lomond Group, which is part-owned by LDC, has begun negotiations about a deal which could value Chestertons at nearly £100m.
However, the exclusivity period is also reported to be in its early stages, with no certainty that a deal will happen.
It was reported in September that Chestertons’ owners had hired Deloitte, to oversee an auction of the business.
Chestertons, which has operated since 1805, focuses on sales and lettings at the premium end of London’s property market.
It is owned by an investment vehicle of Salah Mussa, a businessman who bought the business in 2005. It operates from about 30 offices in London, and is developing a franchise model.
