Sotheby’s International Realty will be made to grow fast in the UK after previous owners failed to capitalise on the brand.

The new owners of the UK licence – whose sale in the UK was revealed by Eye here a month ago – believe it should have the substance of the likes of Knight Frank.

Robin Paterson, who led the purchase from Countrywide with joint chairman and former Hamptons colleague Chris Palmer, told Eye yesterday: “The brand is what tempted me out of retirement. To me, it is an iconic brand.

“But it has been significantly under-capitalised in this country. It should be the size and status of Knight Frank or Savills.

“Sotheby’s auction house has an enviable reputation and we want to see that move seamlessly across to the estate agency.”

Speaking from Miami, Paterson revealed plans to grow the business – which currently has just two offices, in Mayfair and Cobham – quickly.

He said: “We have made 18 offers to candidates, using the services of headhunter Andrew Deverell Smith, and we hope that these staff will accept and be in place shortly.

“By Christmas, we expect to have employed 35 to 40 people.”

Paterson, formerly boss of Hamptons which he sold for £45m and which was subsequently sold on to Countrywide, said that he felt that Countrywide had not known what to do with the Sotheby’s brand.

“Having acquired the licence to operate Sotheby’s International Realty in the UK, they bought Hamptons not long after to feed their high-end properties into, and I don’t think they were really sure what to do with the Sotheby’s brand,” he said.

Paterson added that it was a “complete coincidence” that Countrywide had sold him the Sotheby’s licence after buying his old firm.

Countrywide sold the Sotheby’s licence just four years into a 25-year deal, having built it from one office (in Mayfair) to six.

Paterson and Palmer have not bought four offices which had been operated by Countrywide using the Sotheby’s brand.

Paterson said: “Over the first three years we will concentrate on London, and then in the following two years will open five to ten branches in university towns and cities.

“We intend to have 15 offices in London, all strategically placed and covering generous areas – the equivalent of 35 branches historically.”

There are plans to run sales, lettings, relocation and investment services using the brand.

Paterson said that he will not be involved in the day to day affairs of the business, whose chief executive is Sam Mitchell, who worked for Foxtons before becoming regional managing director with Your Move.

Paterson bought Barnard Marcus in 1987, merged it with the residential business of Cluttons, and led the consortium that acquired Hamptons in 1996. He sold the company, now a flagship brand for Countrywide, to a Hong Kong firm eight years later for £45m.

Palmer worked alongside him at Hamptons until its sale, and then went on to work internationally at Cluttons.

It is not known what was paid for the UK licence of Sotheby’s International Realty, but their investment is said to run into millions.

They expect to spend £7m alone on opening 15 new offices in London.

Here’s how Eye reported the deal on August 15:

https://www.propertyindustryeye.com/surprise-countrywide-sells-sothebys-franchise-just-four-years/

Robin Paterson and Chris Palmer