London estate agent Chestertons sold to European property group
The deal comes nearly two decades since the struggling firm was rescued from near-collapse.
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Your support makes all the difference.One of the world’s oldest estate agents, Chestertons UK, has been sold to a European technology giant in the latest property market takeover.
The deal comes nearly two decades since the struggling firm was rescued from near-collapse.
Mercantile Group, which has owned Chestertons since 2005, announced the sale to Campions Group Limited, a subsidiary of real estate services and technology provider Emeria.
It did not disclose the cost of the takeover, but the Financial Times reported that Emeria was paying around £100 million for the estate agent group.
With 2023 set to be a record year for the business, it demonstrates how we have transformed from a struggling small agency, into a thriving, resilient business
Chestertons, which specialises in London prime property, was bought out of receivership by Mercantile under businessman Salah Mussa when the firm came into financial difficulty.
It has since undergone a lengthy turnaround, growing its revenues and branches across the UK and internationally.
Mercantile chairman Mr Mussa said: “In the 19 years since acquiring Chestertons, I have watched the brand grow substantially to resume its place amongst the leading names in residential property.
“With 2023 set to be a record year for the business, it demonstrates how we have transformed from a struggling small agency into a thriving, resilient business.”
He said the takeover under Emeria will help further accelerate Chestertons’ growth, from the 30 branches it currently has in the UK.
Chestertons’ non-UK operations, which encompass 12 countries including Spain, Greece, Morocco and the United Arab Emirates, will remain under Mercantile’s ownership.
It follows the sale of online property portal OnTheMarket last week to US property giant CoStar Group in a deal worth £99 million.
It marks CoStar’s first foray into the UK residential property market, which has faced weaker buyer demand amid soaring borrowing costs.
Furthermore, troubled online estate agent Purplebricks was snapped up by rival Strike for a nominal £1 earlier this year, backed by Carphone Warehouse founder Sir Charles Dunstone.