‘We have a three-year growth plan for the business and today’s announcement is in line with our vision and decision to focus on the UK market. The Cluttons brand is highly regarded and we are recognised for our unique insights and expertise. As a result, the UK business is performing well, and we will continue to invest in exceptional talent and in enhancing our client offer.’
James Gray, Managing Partner Cluttons
Over the last 250 years, international firm of chartered surveyors and property consultants, Cluttons has been instrumental in shaping the real estate profession.
Operating in over 50 countries, Cluttons is a leading heritage brand in both the UK and the Middle East, with expertise in both residential and commercial property. Cluttons has 450 employees, 32 partners and a strong presence in the UK and multi-service international offices in UAE, Oman, Bahrain, Egypt and Saudi Arabia.
Over the last few years, the real estate markets in which Cluttons operate, in particular its transactional businesses, experienced difficult trading conditions. This downturn in the high-end property market on top of the pressure caused by its defined benefit pensions obligations led Cluttons to embark on a search for a partner that could help return them to growth.
Rcapital were quickly identified as the only firm that could commit to the complex deal negotiations with the technical restructuring capability and international experience necessary to complete this transaction. There are many challenges that lie ahead for Cluttons as they embark on a period of transformation and corporate restructuring, this will allow Cluttons to continue to operate as normal in delivering excellent client service, and build a strong and flourishing business for the future. The partnership with Rcapital will secure jobs, preserve the company’s historic brand name, and protect the interests of its employees and clients long into the future.
In June 2018, Cluttons sold its Middle East business based in Dubai to Savills. The sale concludes a key step in the growth strategy for Cluttons UK which will continue to operate as a stand-alone, independent business focusing on both the commercial and residential markets.