Salah Mussa’s Mercantile Group has bought Humberts for £3.16m on the same day the property consultancy went into administration.
Mercantile has bought 34 offices from Humberts, including ten franchises and subsidiaries
Humberts’ rural land agency, commercial and valuations departments are included in the sale.
Mussa’s Mercantile Group has a long association with Humberts’ chief shareholder Vincent Tchenguiz.
Mussa’s privately-owned company bought the former residential business of Chesterton along with Tchenguiz’s Consensus Business Group in March 2005 after Chesterton was sold off by receivers.
Tchenguiz had a 30% stake in Humberts, which appointed administrators Smith & Williamson to advise the group over restructuring.
John McLean, executive chairman of Humberts, said: “Following discussions with several parties we have successfully concluded the sale of assets which has secured value for the Company whilst successfully securing continuity of employment for the majority of the Company’s employees.
“We have tried to minimize the disruption to everyone involved throughout this difficult process and despite the very difficult conditions I am pleased that we have managed to secure the greater number of jobs across the Group.”
Humberts suspended its shares in May, and has since embarked on a number of quick-fire sales of subsidiaries.
London-based investment and property company Mercantile has been active in the
Other interests include Arqaam Capital, a boutique investment bank based in
