Fast-expanding regional estate agency Lomond Group is in talks to buy London prime market firm Chestertons, it has been reported.
The claim by Sky News that the two firms are in talks follows revelations earlier this year that Chestertons’ Libyan owner Salah Mussa was seeking to offload the company for £100 million.
Chestertons is not just its 33-branch trophy prime London operation but a further network of other franchisees across the world expected to hit 20 offices next year. These are not included in the potential sale.
Sources have said the Lomond negotiations are at an early stage and that a sale is ‘not guaranteed’.
But if successful, the acquisition would be a major coup for Lomond Group, which since VC firm Lomond Capital joined forces with estate agency Linley & Simpson in January and began embarking on a significant buying spree, has been looking increasingly like the industry’s next big corporate in the making. Acquiring Chestertons would almost double its branch count overnight and give it a large foothold in the capital.
Last week it bought family-run agency Moores, a market-leading firm in Leeds, as well as lettings specialist Homes4Harrogate.
Nick Simpson (pictured), CEO of 21-branch Linley & Simpson, said last week: “On the back of co-creating the Lomond Group, and thanks to a tremendous team effort from all our people, 2021 has witnessed a record year of growth for Linley & Simpson.
“Our resolution for the new year is to use this platform to scale up further, not just in existing locations but new areas too. We are in discussions with a number of acquisition prospects.”
Leeds-based Lomond Group also owns agencies in Brighton, Sussex, Edinburgh, Birmingham, Aberdeen and Manchester.