Savills plc has completed the sale of Savills Private Finance to the senior management team.
Savills plc will continue to hold a 19.99 per cent stake in the business, with 80.01 per cent of the shares held by the SPF management team.
The business will be renamed SPF Private Clients and there are no planned job losses.
In February, it was reported that Countrywide was looking at buying the brokerage. However, last month, Money Marketing revealed talks between Countrywide and SPF over a potential acquisition had collapsed.
At December 31, the SPF business had gross assets of £4.2m. Savills’ financial services arm, which included SPF, made a £1.9m loss in 2010.
SPF managing director Mark Harris says: “The deal allows us to retain our very strong links with Savills whilst allowing us to diversify into new areas and explore other third-party relationships.”
Emba group sales and marketing director Mike Fitzgerald says: “In instances like this, they only buy the company if they think they can make money out of it.”