Surveyor and property consultancy Graham + Sibbald has acquired leisure sector property specialist Fleurets.
The London-headquartered company brings two centuries of expertise in hotels, pubs, restaurants, nightclubs and leisure assets across England and Wales.
Since its foundation in Dundee in 1959, Graham + Sibbald has grown across Scotland and into England, working with many large hotels, leisure groups and independent operators on property valuations. This deal should help it better serve specialist hospitality and leisure markets nationwide.
The two firms will continue to trade as separate entities for an initial period, before becoming integrated under the Graham + Sibbald brand.
The transaction creates combined business with more than 400 employees, operating out of 25 locations. It follows an equity injection into the business from investment manager Foresight Group during the third quarter last year, which also supported other recent acquisitions, including JMP Construction and Property Consultants and its sister company SID Asset Management earlier this year, as well as Aitchison Raffety in September.
Les McAndrew, chief executive at Graham + Sibbald, said: “Fleurets brings with it an invaluable 200-year history of expertise, trust and solid relationships in a key growth sector for our business.
“While Graham + Sibbald has an established presence in hospitality and leisure, our combined offer will enhance this with more specialist consultants in key locations across England.
“We continue to invest in our strengths while expanding our coverage across the UK – but especially in England,” he continued, adding: “In the past ten months, we have added new service lines, technical expertise and specialist sector knowledge while enhancing our local presence, which has already provided additional value for our clients.”
Paul Hardwick, managing director from Fleurets, added: “The board see huge opportunity for significant growth in the hotel and leisure sectors and the combined strength of the two companies and the additional service lines that we can offer our clients will be invaluable.”
