Home Breaking News £100m deal for famous London agency

£100m deal for famous London agency

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Sky News reports that the little-known Lomond Group – backed by private equity money – is in exclusive talks to buy one of the highest profile London estate agencies. 

Lomond Group has entered detailed negotiations about a deal that could value Chestertons at nearly £100m.

Sky is quoting unnamed sources saying that the exclusivity period was in its early stages “and cautioned that a deal was not certain to happen.”

Lomond Group was created by a £100m merger of Lomond Capital and Linley & Simpson nearly a year ago.

Just today our sister publication, Letting Agent Today, has reported that Linley & Simpson has acquired two more independent agencies: they are family-run Moores in Leeds, and lettings specialist homes4harrogate.

However, Chestertons – which is over 200 years old and operates at the mid to higher end of the sales and lettings markets in the capital – is in a whole different league to Lomond’s previous acquisitions.

Back in September Chestertons put itself up for sale with a price tag of £100m; Libyan businessman Salah Mussa, who bought Chestertons in 2005, instructed professional services firm Deloitte to find a buyer for the firm, which has 31 branches across the capital. 

https://www.estateagenttoday.co.uk/breaking-news/2021/12/talks-over-100m-deal-for-famous-london-agency-underway–report