Estate agency Chesterton Humberts is to demerge to form two separate companies.
Chestertons will focus on the company’s 29 London offices and 20 international branches. Meanwhile, Humberts will operate the 24 existing branches outside the M25. It is currently looking to open 20 new branches within the M25 in the next three years and will now also expand its presence in the Home Counties.
The two businesses will begin trading independently from June 2014 but will continue to work closely together as sister companies.
Robert Bartlett and Allan Collins, chief executive and financial officer respectively of Chesterton Humberts’ parent company, Chesterton Global, will continue in their roles. Stephen Kendall, currently a non-executive director of Chesterton Global, will become the interim managing director of Humberts.
Bartlett said: “The different nature of the London and country markets represents a great opportunity for us to grow our two brands and this decision will allow both companies to focus entirely on their own markets. We see the potential for substantial growth in our country business and value in redeveloping the Humberts brand under its own separate identity. Similarly, our London and international business has its own unique positioning and by allowing both brands to develop their own strengths we will ultimately deliver a better service to our clients. I would stress, however, that the two brands will work very closely together, share central services, and remain closely tied.”
annabel.dixon@estatesgazette.com
