Rcapital, the UK based private investor, has entered into a partnership with Cluttons LLP to support its corporate restructuring and future growth.
Cluttons is a long established (1765) highly regarded international firm of chartered surveyors and property consultants headquartered in London. It has a strong presence through the UK with multi-service international offices in UAE (Dubai, Abu Dhabi and Sharjah), Oman, Bahrain, Egypt and Saudi Arabia, in addition to a number of international residential license partners. It has around 450 employees and 32 partners.
Rcapital’s announcement said that “Rcapital will support Cluttons as it adapts to the changing international real estate market. This corporate restructuring will allow Cluttons to continue to operate as normal in delivering excellent client service, and build a strong and flourishing business for the future. It will secure jobs, preserve the company’s historic brand name, and protect the interests of its employees going forward.”
Steven Morgan, Senior Partner at Cluttons, said, “Having decided we required a new investment partner to help us grow the business, we were delighted to be introduced to Rcapital who have a deep sector understanding. Rcapital have not only provided financial support, but demonstrated that they have the expertise and skills to enable us to deliver on the opportunities available to us to make the business more successful. We are positive about the future and believe we have structured a deal which provides the best platform for our employees and clients alike going forward.”
Chris Campbell, Director at Rcapital, said, “Cluttons is a well-performing business and has a market leading brand in both London and the Middle East. Difficult trading conditions in the UK residential real estate markets and legacy issues have hampered its ability to grow further and our partnership will ensure Cluttons has a strong platform upon which it can build. This will make the business healthier and better balanced for the future, allowing it to focus on profitable areas and simplify its international structure”.
Rcapital was introduced to the opportunity by BTG Corporate Finance, with legal advice provided by Pinsents Mason.