View more on these topics

Buyout for Savills PF

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.”

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com