The battle between Leaders Romans Group (LRG), Foxtons, Lomond and Dexters to be the Capital’s biggest estate agency player has hotted up following the announcement that long-standing independent firm Farrar & Co has been snapped up by LRG for an undisclosed sum.

Fulham-based Farrar & Co was incorporated in 1994 by current directors Julian Chambers (main image, left) and Terje Gilje (right), both in their early 60s, who until now had made much of the firm’s ‘independent’ and ‘private’ status.

Since then and under the duo’s direction Farrar & Co has over the years become a respected name in and around Chelsea but was originally founded during the 1950s before Chambers and Gilje acquired it.

Farrar & Co will continue to trade under its existing name although all staff will now be employed by LRG with Chambers remaining with the business, and Terje working during a handover period.

Blocks away

Both men are directors of another business that is also being acquired as part of the deal – block management firm Principia. Chambers and Gilje are likely to well paid for their two companies. Although turnover figures are not available for either firm, Farrar & Co has net current assets worth £2.4 million and Principia, £1.2 million.

“Farrar & Co has always been built on strong relationships, local knowledge and a consistent, personal approach to service,” says Chambers.

“Joining LRG allows us to continue doing what we do well, while benefiting from additional support and scale. It gives the business a strong platform for future growth while staying true to what has made it successful.”

Matthew Light, Group Mergers & Acquisitions Director at LRG, says, “Farrar & Co is a business built on reputation, experience and long-standing client relationships.

“Julian, Terje and the team have created something with real depth in the market. We are keen to retain that strength while supporting the business as it grows within the LRG network.”

In an interview with The Telegraph during the agency’s early years under Chambers’ co-management, he described himself as “hard working but with a cool head”.