Estate agent Savills snaps up Ipswich-based Business Improvement District (BID) manager
- Credit: John Greenwood
Estate agents Savills has acquired an Ipswich-based firm specialising in town centre management and Business Improvement Districts (BIDs) for an undisclosed sum.
Central Management Solutions Ltd (CMS). which describes itself as a ‘place shaping specialist’ and works with towns including Ipswich and Colchester, was set up by chief executive Paul Clement in 2011.
It employs 28 staff, all of whom join Savills with immediate effect. Mr Clement will take on a new role of head of place shaping.
“CMS now operates in numerous locations across the UK and has grown rapidly over the past seven years,” he said. “There is an obvious synergy between the work of Savills and the place shaping guidance offered to clients by CMS. We are delighted with the opportunities that this acquisition by Savills will provide to enhance the service to our clients and help to widen our footprint.”
Mark Ridley, chief executive of Savills UK and Europe, said CMS’s established reputation would add “a new dynamic” to the estate agent’s property management division, which was a key service line for the business.
“Its reputation in place making and the development of BIDs will also expand our client offer and help to add value to their existing portfolios,” he said.
Nick Herward, head of property management at Savills, added: “Having an in-depth knowledge of the areas in which our clients operate and own schemes is a vital part of our service and the integration of CMS will therefore provide a fundamental new offer to our existing business, as well as complementing the overall expertise within the management division.
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“The importance of place making and the return investment that BIDs can bring to an area is crucial to ensuring the success of any development and this acquisition underlines our commitment to providing a first class and comprehensive client service.”
CMS, which operates nationally, runs 11 business-led and business-funded BIDs, including Leicester, as well as BID development projects, including in Colchester. Its aim is to transform town and city centres to create places where people want to live and work, and said there is a synergy with Savills, particularly around its retail, marketing and commercialisation services.