Savills has bought Cluttons’ Middle Eastern consultancy arm based in Dubai.
Cluttons Middle East, which will be rebranded as Savills during the year, employs 190 staff in seven locations in the region.
The deal, which completed at the end of May, will give Savills its first footprint in the area. The entire team and leadership will transfer to Savills’ global platform with immediate effect.
The business is one of the most established agencies in the Middle East, and has provided agency, management and consultancy in the commercial and residential sectors for more than 40 years.
Steven Morgan, chief executive at Cluttons Middle East and ongoing chief executive of the business under Savills (pictured, left, with Savills deputy group chief executive Mark Ridley), said: “This acquisition by Savills is an incredibly positive and exciting opportunity for all Cluttons Middle East clients and employees as it will merge our regional expertise with Savills’ global capabilities.”
Cluttons said the sale “concludes a key step in the growth strategy for Cluttons UK, which will continue to operate as an independent business, focusing on both the commercial and residential markets.”
Cluttons UK employs more than 250 staff and in the past 12 months has undergone a process of simplification.
The world’s oldest practising firm of chartered surveyors encountered financial difficulties in 2016 because of its £42.9m pension deficit. It was bought out of a pre-pack administration by turnaround firm RCapital in 2017 and has since undergone a major restructuring.
James Gray, managing partner of Cluttons UK, said: “We have a clear and ambitious growth plan for the business and today’s announcement is in line with our vision and decision to focus on the UK market.
“The Cluttons brand is highly regarded and we are recognised for our unique insights and expertise. As a result, the UK business is performing well, and we will continue to invest in exceptional talent and in enhancing our client offer.”
Savills said its relationships with associates in the Middle Eastern region will now formally end, though it expects to continue co-operating with its former partners in the future.
Ridley said: “The acquisition of Cluttons Middle East geographically links our European and Asian business by enhancing our EMEA platform. With a market-leading position, and strong local leadership, we will be able to offer a high-quality service to both existing and new clients as we look to expand our platform of services.”
The business has offices across the UAE, Bahrain, Egypt, Oman and Saudi Arabia. The leadership team transferring consists of: Steven Morgan, chief executive; Harry Goodson-Wickes, head of Northern Gulf; Murray Strang, head of Dubai; Ed Carnegy, head of Abu Dhabi; Suzanne Eveleigh, head of Sharjah; Ihsan Kharouf, head of Oman; and Richard Paul, head of professional services.
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