Historic agency Chestertons has appointed its long-serving lettings chief Richard Davies as its new chief executive.
This follows the departure of high profile Guy Gittins from Chestertons last week, to go to arch-rival Foxtons.
Back in September last year 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 and operates a sales arm as well as a substantial lettings division.
Although speculation has grown as to a possible buyer for the company – including rumours of talks earlier this year, involving a private equity firm – the company remains without a buyer currently. Indeed, Chestertons has itself acquired companies since its sale was announced – in November it snapped up independent London Residential, a firm operating in the north west of the capital for an undisclosed sum, following purchases of east London lettings business, Morgan Randall, and Fulham lettings agency, Snell & Snell.
New chief exec Davies is one of Chestertons’ longest-serving members of staff. He graduated from university after studying civil engineering and, after he spent a year helping build an oil terminal, became an estate agent in London. He started at Chestertons first as a letting negotiator then as a branch manager before becoming Head of Lettings in 2005. He has been on the board of the company since the early 2010s.
An official statement from the firm says that Davies will continue to implement Chestertons’ five-year strategy that was launched last year and includes further acquisitions and PropTech innovations.
He says: “Chestertons has grown to become one of London’s leading sales and lettings agents, employing some of the best people in the business and I am incredibly proud to be leading the business into its next chapter. We are now looking forward to a busy summer in terms of both the sales and lettings market, but also our annual staff and client events.