It’s being reported that BNP Paribas has been in talks with Strutt & Parker about a potential takeover.
The FT claims discussions have been ongoing for “several months” with the French bank mainly interested in the commercial side of the business, although there’s a suggestion that it “could team up with another group that buys the residential property arm”.
Neither firm has commented on the reports, but Strutts is understood to have been “considering its options” since last year, and taking advice from Evercore.
The EG claims CBRE and Bidwells have also been circling the 132-year-old estate agency, which saw annual revenues to the end of April 2016 dip from £111.3m to £107.7m and operating profits tumble from £28.4m to £18.9m, as increased staff and other operating costs combined with well-documented headwinds at the higher end of the market.
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