Does M&A in the property world work? That’s the question DTZ’s potential suitors will be asking. It’s the question that many within Jones Lang LaSalle and King Sturge will continue to ask over the coming months. And it’s the question we put to Capita Symonds almost two years on from its acquisition of Nelson Bakewell.
The questions are unavoidable. Too many deals have turned sour over the years. Too much debt has been shouldered. Too many star names have left as soon as their golden handcuffs were removed. And too many hoped-for benefits have not been realised.
In Capita’s case, critics point to a number of high-profile departures as evidence that all is not working out as well as had been hoped. NB chairman Mike Hatt is gone, as is executive director Mark Norris. Others have followed.
Chief executive Jonathan Goring argues that the firm has lost no greater share of talent than its rivals. And he insists new talent is being brought in. A number of new contracts – from Derwent to Network Rail – have been won, though others have been lost.
Judging the success of a deal is always easier in hindsight, away from the carping of rivals with their own agendas to push.
But the spotlight will continue to shine over the coming months as the economy limps, managers consider headcounts and firms consider their own futures.
Despite all that, Goring says he would buy a business if it was right: “What we don’t want to do is end up acquiring some worn-out old organisation that’s on its last legs.”
What was that about the carping of rivals?
Building a Better Britain
The Building a Better Britain campaign launched by Estates Gazette and UK Regeneration is gathering momentum. Launched in August, the campaign aims to bring together private sector money and public sector assets to deliver targeted urban renewal.
Much work has already been done behind the scenes: many of you have contributed views, terms of reference have been refined and commission members are being finalised. More will be revealed next week.
We’ll also be taking the show on the road. The speaker line-up at our Question Time events includes Manchester City Council leader Sir Richard Leese and Allied London chief executive Mike Ingall, who will take part in the North West event on 11 November, and St Modwen chief executive Bill Oliver and Birmingham city council director of planning and regeneration Waheed Nazir, who will speak at the Midlands event on 29 November. Regeneration is bound to be among the discussion points.
All this builds up to our Regeneration conference on 6 December in London. Speakers include Barclays’ Nick Salisbury, Argent’s David Partridge and councillor Denise Hyland of the London borough of Greenwich. More speakers will be revealed in the coming weeks. Details are on estatesgazette.com.
In the meantime, we still want to hear your thoughts about our campaign. Thanks to all of you who have done so. For those of you still poised, email betterbritain@estatesgazette.com.
Disaster management
Sometimes the RICS doesn’t get the credit it deserves. In EG Life, we shine a spotlight on the work done by its Disaster Management Commission. Born out of the December 2004 Indian Ocean tsunami, the commission co-ordinates RICS members seeking to bring their expertise to assist in some of the 400 or so natural disasters that occur each year. Advising on building codes in areas of high earthquake risk is one of its most frequent tasks. Already RICS has a disaster management protocol, and a register of trained volunteers in every part of the world. To get involved, go here.
