London’s oldest estate agency bought by French firm
Chestertons, which is one of the capital's best-known upmarket firms, is being bought by Emeria, which already owns FirstPort.
London’s oldest estate agency Chestertons has been bought by French company Emeria for a reported figure of £100 million.
Emeria already owns one of the UK’s largest property management firms, FirstPort, as well as companies in many other European countries.
Through its UK-arm Campions Group, Emeria has been seeking to expand its presence in the property sector here.
Bolstered
Employing nearly 600 staff, Chestertons has over 30 offices in London and an international presence, which was bolstered by its partnership with Forbes Global Properties.
Salah Mussa, chairman of Chestertons-owner Mercantile Group, says: “In the 19 years since acquiring Chestertons, I have watched the brand grow substantially to resume its place amongst the leading names in residential property.
“This has been possible thanks to the enormous hard work and dedication of everyone at Chestertons.
“With 2023 set to be a record year for the business, it demonstrates how we have transformed from a struggling small agency, into a thriving, resilient business,” he says.
“Emeria is an outstanding company with a significant global presence and one which I am confident will be able to further accelerate Chestertons’ growth and ensure the business delivers on its enormous potential”
Mercantile will retain ownership of Chestertons Global, and will continue to run Chestertons’ non-UK operations.
Previous sale
In 2021, it was revealed that Mussa instructed professional services firm Deloitte to find a buyer for the company at a price of £100 million.
But the estate agency, which has a history reaching back 218 years, remained in Mussa’s hands until now.
Acquisitions
Chestertons itself has made a number of acquisitions including Henry & James, Morgan Randall, London Residential, Snell & Snell, and most recently this summer, Behr & Butchoff, a boutique agency in St John’s Wood.
Campions was formed in 2021, following the acquisition of a single branch in Clifton, Bristol. It is currently going through a period of extensive growth, making seven acquisitions in the South West, across Bristol, Bath, Plymouth, and Wiltshire.
Chase Buchanan, an agency with six branches in south west London, was also purchased by Campions in February.
