Humberts has disposed of its entire regional lettings portfolio to Hamptons International, a subsidiary of the UK’s largest agent, Countrywide.

Meanwhile, Chestertons – the firm from which Humberts recently demerged – is hoisting the For Sale sign over its entire business.

Investment bank Cavendish Corporate Finance has been appointed to advise the company, which recently rebranded, on a sale, which could fetch well over £50m.

Chestertons is owned by Mercantile Group, which merged Chesterton and Humberts, before splitting them back into separate businesses this February. It appears that Mercantile – controlled by Librya-born Salah Mussa – has now decided to take advantage of booming London and global markets to cash in on its investment.

Chestertons is London-based with overseas operations, while Humberts as a stand-alone brand operates outside the M25.

Humberts has sold its country lettings and property management business for an undisclosed sum, ahead of its relaunch scheduled for the middle of this month.

The decision to divest itself of its lettings business comes as most of the larger agencies are currently building up their lettings activities.

However, Humberts says it will be concentrating on other business, including sales.

The business that has been sold consists of 800 properties, including 300 that are managed across a number of regions including Sussex, Wiltshire, Somerset and Kent.

The acquisition is described as forming a key part of Hamptons International’s strategic plan to expand its UK network.

The deal follows Hamptons’ recent purchase of Preston Bennett, a well-established agent operating in north London, and Humphrey’s Skitt & Co, a key sales and lettings agency operating in the south-east London markets of Blackheath and Greenwich.

Lesley Cairns, head of residential lettings at Hamptons International, said: “This acquisition forms an important part of our continued growth strategy and builds on the expansion that has already taken place this year.

“We’ve expanded our lettings proposition by 30% in the last two years with 18 new lettings operations across the network.”

Stephen Kendall, managing director of Humberts, said: “The sale of our lettings and property management business to Hamptons International is a strategic move, enabling us to focus on the planned expansion of our core business streams, which are residential sales, rural and commercial agency, and professional services.”

Robert Bartlett, chief executive of  Chestertons, said of its sale plans: “Our shareholders have said that they will not sell out if it is not the right price, as they are committed to the company, but after receiving clear and credible approaches, the board decided it was right to explore options.”

Chestertons has 30 offices in London, plus some 20 overseas offices, and earlier announced plans to open 20 more London branches in the next three years. Interest in buying the business, which turned over £51m last year, could from other estate agents as well as global equity players.