EYE NEWSFLASH: Chestertons puts itself up for sale

Chestertons, the London-based estate agency, has reportedly been put on the market as the company’s owners’ look to take advantage of buoyant recovery in the prime London property market.

According to Sky News, Chestertons’ owners have hired Deloitte, the professional services firm, to offload the business.

The company, which was founded in 1805, is focused on sales and lettings in the premium end of London’s property sector.

Sources tell Sky that Chestertons are likely to seek a valuation of about £100m from a sale.

The business, which operates close to 30 offices across the capital, is owned by an investment vehicle of Salah Mussa, a Libyan businessman who acquired it in 2005.

The 2020 accounts for Chestertons Global filed at Companies House, said it had seen a strong start to 2021, with the extension to the government’s stamp duty holiday and the COVID-19 vaccination programme propelling revenues ahead of last year’s levels.

Chestertons’ latest accounts (2020) show a turnover of £45m and profit (EBITDA) of £6.7m.

“Our focus for 2021 and beyond is to grow the lettings business both organically and by making selective investments, whilst at the same time aligning the sales business to market conditions,” it said.

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7 Comments

  1. AgencyInsider

    Profit of £6.7m and an asking price of £100m? Dream on.

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  2. PaulC

    £100mil funny needed cheering up after a tough day..

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  3. propertyguru11

    If anyone buys them for £100M, I’d like to sell them a lemonade stand for £1M

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  4. smile please

    £45m turnover, £6.7m profit and £100 mill asking?!

     

    Some strange figures there. Makes me feel a lot better on my turnover to profit ratio.

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  5. Snyper

    £100m! Looking to take advantage indeed…

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  6. majortom1

    So a good first half -err -anyone had a similar start ??

     

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  7. Mafuta

    If you are on the market with Chestertons and haven’t sold in a few months, you may be a victim of their tendency to over value.

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