Strutt & Parker silent on speculation that investment bank could buy it

Strutt & Parker has declined to comment on speculation that it could be bought by an investment bank.

The Financial Times is reporting that BNP Paribas, France’s biggest bank, is in talks to acquire the agent – but is likely only be interested in the commercial side of Strutt & Parker.

The FT speculates that the residential side could go to another buyer.

It has been open knowledge for months that Strutt & Parker is for sale, with rumours that Strutts has been considering selling all or part of the business to BNP before.

The agency is also believed to have laid off a number of people.

The business made pre-tax profits of £18.2m – a 35% fall on the previous year – on £108m revenue to the year to April 2016.

The estate agency, which has some 60 branches, has been considering its options, advised by Evercore, since last year.

Andy Martin, senior partner of the 132-year-old company, has announced plans to step down this year.

Other potential suitors are rumoured to include CBRE and Bidwells, according to Estates Gazette.

EYE suspects that other purchasers, close to home, are far more likely, but that the asking price of the business is the problem.

x

Email the story to a friend

2 Comments

  1. Hillofwad71

    Strutts  In the past  enjoyed a very similar  profile to Savills big on country homes and London apartments  with an active  commercial side Both top quality with  staff pulled in from the top drawer  Savills having a larger City presence but Strutts  spearheading into   business parks where Andy Martin  helped out with Arlington It was only when Savills listed and extended theii  global reach that they have  become the quality powerhouse today

    BNP already own a stable of  surveyors and estate agents

    Strutts would make a welcome addition to BNP stable and fits in with ther policy of buying quality professional surevying pratices like Drivers Jonas with good reputations they picked up a few years back With the dip in profits possibly an excellent time to do so

    Report
  2. P-Daddy

    I agree and  BNP have upped their fund management through an investment house with schemes in London and key cities, so it makes sense to have a valuation and commercial property sales business. The question is whether the whole biz will be bought as residential is the main drain on resources and has always been held up by agricultural and commercial. Time will tell and I’m sure those partners will want an exit strategy

    Report
X

You must be logged in to report this comment!

Leave a Reply