Chestertons up for sale in hope of pocketing more than £50m

Suzie Neuwirth
LONDON estate agent Chestertons is considering putting the business on the block, as sales volumes of properties in the capital struggle to recover in line with prices.

Cavendish Corporate Finance is understood to have been hired a couple of weeks ago to manage the sale process, which is now underway and is expected to fetch in excess of £50m.

The company is majority owned by investment firm Mercantile Group while private equity firm Tridevi Capital also holds a stake.

Mercantile merged Chesterton with peer Humberts in 2009, but split them again earlier this year.

Chestertons took the London and international offices and Humberts took UK offices outside London.

While London house prices have soared 26 per cent over the past year, according to a Nationwide survey yesterday, the number of properties sold is still down significantly from the 2008 peak. Chestertons was unavailable for comment.