Avison Young has spun off its restructuring business as a separate entity, known as Watling Real Estate.
The new business is headed by Alan Ryall, Andrew Foster and Nathan Pask. AY said it would continue to offer a range of services to clients including lenders, accountants, FTSE-listed corporates, private equity houses and public sector bodies.
The news follows similar moves in recent months by accountants Deloitte and KPMG, which sold their respective restructuring divisions.
Avison Young’s UK president Nick Walkley said the move would allow the firm to concentrate on its core transactional and professional services offers.
Walkley said: “This is a client-driven move and is very much in line with the trend in an evolving market. By supporting the formation of Watling, it enables the AYUK team to concentrate on the transformation and growth of our core areas of transactional and professional services business and develop our capabilities as the people for place and trusted advisor to public and private sector organisations.”
“This is both an exciting and challenging time for the UK property sector as we’re seeing a great deal of change and uncertainty,” he added.
“We wish Alan and the team all the best for the future and are sure Watling will go from strength to strength. We hope very much to continue to work alongside them providing complementary services to our mutual clients.”
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