It is being reported that BNP Paribas Real Estate has entered into a collective consultation process on potential redundancies with around one-fifth of its staff in the UK.
The company has about 5,400 employees spread across 32 countries and there are believed to be around 1,500 real estate staff in the UK, so potentially some 300 jobs may be at risk.
The process is expected to conclude in September.
Strutt & Parker is part of BNP, having been acquired in 2017, and we asked the company if its staff are involved in the process.
Strutt & Parker told us that: ‘It’s our policy not to comment on HR related matters’.
The news comes just a few months after changes at the top in Strutt & Parker.
In early March, Andy Martin, who had been the senior partner at the time of the acquisition moved from heading up the firm to an international business development role at BNP, and his deputy, Etiennne Prongué became head of the UK Real Estate business.
Only last month EYE carried news of fresh appointments within Strutt & Parker, with their Head of Residential Agency saying at the time:
“This new organisation of our leadership team will enable us to push forward more rapidly with our strategy and ongoing projects, including the shift towards digital estate agency and the growth of our market share in London.”
“These appointments are important steps for our business, designed to streamline our structure and make us more effective as a team.”
Just yesterday we reported that 120 jobs could be lost at Nottingham Building Society following their estate agency operation being handed over to Belvoir in a “strategic alliance” deal.