The UK estate agency industry is undergoing major changes, with a growing number of mergers and acquisitions indicating a move towards consolidation.
Several high-profile mergers and acquisitions in the UK estate agency sector highlight the consolidation trend. The most recent notable example is the sale of Chancellors to LRG last week, as revealed exclusively by EYE.
For estate agents, consolidation presents both challenges and opportunities. While for those who broker high-profile deals, they present an opportunity to shout from the rooftops about the part they played in brokering a major transaction.
However, traditionally those operating behind the scenes have often remained largely quiet or anonymous. But the times they are a-changin’, as one famous singer once said. Increasingly, EYE is being contacted by brokers seeking press coverage, as part of a wider marketing strategy designed to generate fresh business.
The latest firm to step forward seeking coverage is FRP Corporate Finance, which advised on the sale of Chancellors to LRG.
Reflecting on the deal, Bilal Hasan, partner at FRP Corporate Finance, said: “This is a fantastic transaction for all concerned and another testament of our deal-making expertise. Chancellors is one of the largest independent brands in the UK with strong presence in London and the SE.”
EYE was recently tipped off that a deal to buy Chancellors was close to being agreed but initially it was not clear who the buyer was, until we found out just over a week ago, shortly before issuing a newsflash, and FRP Corporate Finance has now confirmed that there were several potential purchasers, before a deal with LRG was finally struck.
“With its highly automated digital business model coupled with a strong lettings portfolio the business attracted strong interest but it was clear from the outset that LRG, another Thames Valley headquartered business, was the best partner.”
