Property services group Savills agrees deal to acquire Smiths Gore
Property services group Savills has agreed the acquisition of residential and rural agency chain Smiths Gore for an undisclosed sum.
Smiths Gore, which has 31 offices around the UK including one in Newmarket, employs 532 staff, all of whom will transfer to Savills, joining either its Rural, Energy and Projects (REP) or Country Residential Agency divisions.
Savills already has a strong presence in the eastern region, including offices in Ipswich, Chelmsford, Cambridge and Norwich, part of a network of 109 offices in the UK, where the firm employs more than 3,500 people, and more than 600 offices and associates worldwide.
Savills UK executive director Philip Gready, who will continue to lead the REP division, said: “Founded on a rural management business, both Savills and Smiths Gore have similar roots at the heart of our businesses. Our existing clients will reap the benefits of specialist knowledge of the sector, a wider talent pool, our investment in training, systems and research and access to a full range of services.”
Smiths Gore senior partner Andrew Harle, who will join the Savills UK board, said: “Merging with Savills is entirely consistent with our objectives of enhancing our offering in the rural market and developing our range of complementary agency and consultancy services.”
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Mark Ridley, chief executive of Savills UK and Europe, added: “This acquisition is in line with Savills strategy to improve the strength and depth of skills and expertise in our rural business, as well as expanding our geographical reach to provide a truly national service.
“Savills’ strength and success is as a result of our commitment to ensuring that we can advise our clients on all aspects of property, across all sectors.”
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