Savills bought retail agency Blair Kirkman today for a rumoured £10m in cash.
The acquisition is the biggest Savills has made in the UK to date in a string of acquisitions of niche businesses and teams.
Securing Blair Kirkman, which was co-founded 21 years ago by Chris Blair, is the culmination of “eight years kicking tyres in retail” according to Savills head of investment, Simon Hope.
Hope would not comment on the price but it is believed to be £10m in cash with no earnout.
Last year Savills bought two smaller retail agencies: Mansfield Elstob Main in Bristol and SY Moorhouse Wright in Manchester.
The company also poached a London retail team led by Toby Comerford from Cushman & Wakefield in 2004.
Combining Chris Blair’s 26-strong team with Savills’ existing retail fee-earners will create a 70-strong retail force.
Blair will be head of retail and his five co-shareholders in Blair Kirkman will take key roles, including:
- Peter Ratcliff, who will work in development and investment with Savills’ Nick Hart and Jeremy Lovell.
- Kay Harriman, who will run retail landlord and tenant work.
- Nick Symons, who will head shopping centre leasing.
Blair said his firm was on course to make “at least” £5.25m in fees the year to April 2006.
“Savills offers a tremendous opportunity for the Blair Kirkman team to take a quantum leap into a market leading firm. It will enable us to leverage our expertise, especially in higher value investment and development markets”, he said.
He and his team will move to Savill’s headquarters in May, when the deal completes.
References: EGi News 22/03/06
