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Chestertons

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Chestertons
IndustryEstate agents
Founded1805; 219 years ago (1805)
FounderCharles Chesterton
Headquarters40 Connaught Street, London, England
Key people
Richard Davies Managing Director
ProductsResidential property services
Number of employees
500+
Websitewww.chestertons.co.uk

Chestertons is a British estate agency chain.

First established in 1805 by Charles Chesterton (1779 – 1849), the firm has mainly been based in London, but has expanded into international markets, including the Middle East. Chestertons has over 100 offices in 21 countries.[citation needed]

History

[edit]

1805: Charles Chesterton established the company; became the agent for Phillimore Estate in Kensington, an agent for the Phoenix Insurance Group (now part of Royal & Sun Alliance), a churchwarden, and a prominent figure in the Kensington vestry.[1]
1830: Charles's son Arthur Chesterton ensured succession, establishing Chesterton & Sons with his sons Edward & Sidney Rawlins; ownership remained in the family until 1980.
1929: Chestertons was involved in the valuations of three famous Kensington High Street stores: Derry & Toms, Pontings, and Barkers.
1965: Sir Henry Wells was the first of two Chestertons executives to serve as the president of the RICS.[2]
1968: Sir Oliver Chesterton, the last direct member of the Chestertons family, became the second of two executives to serve as the president of RICS
1986 Chesterton sold Chestertons Residential to Prudential plc[3]
1987 Chesterton merged with rivals from Birmingham (Colliers Bigwood and Bewlay)[4] and Bristol to become Chesterton International[5]
1991 Chesterton International became a limited company after 186 years as a partnership[6]
1992 Chesterton International returned to the residential market acquiring De Groot Collis for £2.416 million,[5] Elliot Son & Boyton and Brian Rushton were also acquired in this year[6]
1993 Despite "probably the most difficult year that the property industry in the UK has experienced since the 1950s", Chesterton continued its acquisitions with the Manchester office merging with Guest Shaw, the acquisition of John E Mitchell heralding the opening of a Nottingham office and the purchase of John Hubbard, and Pollock & Buchan bolstering the company's presence respectively in the North East of England and London [7]
1994 Chesterton International gained a listing on the London Stock Exchange and acquired Conroy Hunter in Scotland, Consolidated FPM Group[8] Goddard and Smith, and quantity surveyors; Cyril Sweett[9]
1995 Hall Pain & Foster and Bell-Ingram acquired[9]
1996 Chesterton International reacquired Chestertons Residential for £8 million[10] from Woolwich Property Services which had purchased the firm from Prudential in 1991.[11] After disappointing results, the company made several changes to its senior management with Chief Executive Giles Ballantine stepping down and the appointment of Ian Fleming as finance director, who joined from Wimpey Homes. In order to grow the business Chesterton acquired Workplace Management[12] from ICL,[13] British Gas Properties Facilities Management Limited from British Gas plc and became a founding partner in Exchequer Partnership plc[10] a special purpose vehicle formed along with Bovis Ltd, Stanhope plc, Chelsfield plc and Hambros Bank to bid for the PFI contract for the refurbishment of Government Offices Great George Street, London to house HM Treasury.[14]
1997 The group reported a £7 million trading loss for the year, resulting in disposals of: part of the residential property management business, the plant and machinery business, withdrawal from the joint brokerage business in the US, the sale of the holding in the joint US mortgage advisory venture, the sale of the only Chestertons Residential office outside of London (in Henley-on-Thames), and the restructure of the French, Spanish and Thai businesses.[12] Despite Exchequer Partnership plc being named as the preferred bidder, negotiations regarding refurbishing the Treasury buildings were terminated due to the financial risks to the government[14]
1998 A merger with The Summit Group plc was announced in February 1998,[15] however by year end this had been abandoned at a cost of £414,000.[13] The group posted pre-tax losses of £2.1 million and further disposals ensued including the disposal of Cyril Sweett Quantity Surveyors, Carter Primo Chesterton (a US asset management business), Residential Property Management (block management), Chesterton Netherlands and Chesterton Binswanger Capital Advisors. In addition Chesterton y Associados in Spain was closed, as was Chesterton Thai.[13] Negotiations between Exchequer Partnership and HM Treasury restarted[14]
1999 The group posted a pre-tax profit of £4 million, as opposed to a loss in previous years, and launched Chesterton Structured Finance and Chesterton Facilities and Property Partnering, the latter to build on the company's position as a market leader in PFI[16]
2000 In May 2000 the contract for the refurbishment of Government Offices Great George Street was signed by Exchequer Partnership plc (by now consisting of Chesterton, Bovis Lend Lease and Stanhope),[17] for commencement on site in July 2000, with a scheduled completion date of August 2002[14]
2001 During the year the firm acquired Dixon Studd and expanded its residential operations to operate for the first time outside London[18]
2002 Further residential operations were commenced in Newcastle and Manchester, continuing the expansion of these operations outside the capital.[19] After disappointing results in 2001[18] and a loss in 2002, the company announced in May 2002 a preliminary approach to purchase the company. If an offer were not forthcoming it was advised that the company would look to go private and de-list from the Stock Exchange[19]
2003 Chesterton International was, after a long and colourful battle including the withdrawal of a bid from a listed company,[20] the sacking of the Chief Executive and Chief Operating Officer[21] and a 'spoiler' bid from Manchester & Metropolitan,[22] taken over by Phoenix Acquisitions, a vehicle of Mohammed Jafari-Fini[23] with the company being delisted from the Stock Exchange in July 2003.[22] As a backdrop to this, the company posted a £14.8 million pre-tax loss for the year. In the latter part of the year the company sold its Facilities Management division to Johnson Service Group and its share in Exchequer Partnerships to other partners Stanhope and Bovis Lend Lease.[24]
2004 Mohammad Jafari-Fini lost control of Chesterton International due to the default on a loan by Phoenix Acquisitions, and this default saw Resurge plc which lent Phoenix £12.86 million for the acquisition of Chesterton take control of the company.[25] It later transpired, as a result of a High Court ruling in 2006, that the default was due to a payment by Jafari-Fini which was said by the court to be a bribe.[26] Chesterton reduced losses to £4.4 million for the year.[27]
2005: Chesterton International was placed into receivership by Royal Bank of Scotland.[28] Part of the commercial arm of the company was sold to Atisreal UK (a subsidiary of BNP Paribas) which bought the commercial offices in the City of London, Southampton, Cardiff, Newcastle and Leeds.[29] The Chesterton brand stayed with the residential division which was purchased as a 16 office strong operation focused on central London[28] by a joint venture between Vincent Tchenguiz, Credit Mercantile Group and CIC International.[30] The cost was £900,000 for the company and £3.1 million set aside for liabilities.[28]
2006: Robert Bartlett was hired as Chief Executive. Despite a first year loss, results for 2006 showed a return to profit and saw the company adopt a new visual identity, commence the refurbishment of its flagship Kensington branch, open a new branch in Hampstead, and invest in its IT systems and website.[31]
2007 Arqaam, formerly CIC International, and part of the Saudi Arabian Commercial Investment Corporation sold its stake in Chesterton to Vincent Tchenquiz and Credit Mercantile Group.[30] Chesterton Global purchased Millest & Partners (located in Sevenaoks, the firm's first branch outside London),[32] Copping Joyce, Stickley & Kent, Moss Kaye Pemberton (marking a return for the company to commercial agency)[33] and building surveyor Vann and Jones.[34] During the summer of 2007 the company also expanded internationally, opening its first European office in St Tropez with offices and Gibraltar and Italy following.[32]
2008 The company posted its third loss in four years, this year's loss being the result of the Credit Crunch[35] In December 2008, Mercantile purchased Vincent Tchenquiz's stake, giving it full ownership of Chesterton. Mercantile had previously bought the 34-strong chain of Humberts (founded in 1842) out of administration, along with 10 branches of its Farleys and Wellingtons chains in June of the same year for £3.16 million. The move to take full ownership of Chesterton gave it a complimentary wider ownership within the sector.[36]
2009: Chestertons merged with Humberts (bringing together two of the longest established firms in the industry),[35] and the business was rebranded as Chesterton Humberts.[37] The firm acquired a former franchised operation of two branches in the South East of England, strengthening its representation in this geographic area.[38]
2011 Chesterton Global acquired Nottingham based chartered surveying firm Robert Clarke to strengthen its commercial business, along with opening new offices in Kew, Italy and Barbados[39]
2012 New offices were opened in St John's Wood and Kensington within the UK, with overseas offices in Malta, Nice and Liguria being opened, along with an expansion of operations in Dubai[40]
2013: A decision was made by the board to split Chesterton Humberts into two separate brands, with Chestertons retaining the Farleys business.
2014: The London and international business were officially rebranded as Chestertons, and the new brand wes launched at Chestertons Polo in the Park.[41] The company also launched its Chestertons Charity Champions initiative.
2015: January - Chestertons, in conjunction with other estate agents, launched the OnTheMarket.com portal.
2018: Chestertons listed all of its properties on the largest UK property websites, including Rightmove, Zoopla, PrimeLocation.com and OnTheMarket.com
2020: February - Chestertons welcomed its first international franchisee based in Greece - Chestertons Ionian
2021: January - Chestertons expanded into Costa Del Sol - Spain with its new franchisee Chestertons Costa Del Sol February - Chestertons opened its first office in the African continent - Chestertons Morocco
2022: May - Guy Gittins stepped down as CEO and Chestertons appointed Richard Davies as Interim Managing Director
2022:November - John Ennis joined Chestertons as Chief Executive Officer
2023 In February Chestertons became an exclusive member of Forbes Global Properties, and was the only agency in London to have its properties featured on the Forbes Global Properties website, reaching buyers from over 450 worldwide locations. Chestertons (UK) was purchased in November 2023 by Swiss private equity and property firm Partners Group.[42]
2023:John Ennis steps down as Chief Executive Officer
2024:Richard Davies appointed Managing Director

References

[edit]
  1. ^ "Chesterton calls in receiver after celebrating 200th birthday". the Guardian. March 9, 2005.
  2. ^ Past Presidents of RICS
  3. ^ "The Times". 8 August 1986. Retrieved 11 May 2020. {{cite journal}}: Cite journal requires |journal= (help)
  4. ^ Backe-Hansen, Melanie (2018). The History of Chestertons (PDF). Chestertons Global Limited. Retrieved 13 May 2020.
  5. ^ a b Stevenson, Tom (4 May 1994). "Chesterton to join market at more than pounds 50m". The Independent.
  6. ^ a b Chesterton International (1992). Directors Report and Accounts Year Ended 30 June 1992. Chesterton International.
  7. ^ Chesterton International (1993). Directors Report and Accounts Year Ended 30 June 1993. Chesterton International.
  8. ^ Chesterton International (1994). Report and Accounts Year Ended 30 June 1994. Chesterton International.
  9. ^ a b Chesterton International (1995). Report and Accounts Year Ended 30 June 1995. Chesterton International.
  10. ^ a b Chesterton International (1996). Report and Accounts Year Ended 30 June 1996. Chesterston International.
  11. ^ Woolwich Property Services Limited (1992). Accounts to 31 December 1991.
  12. ^ a b Chesterton International (1997). Report and Accounts Year Ended 30 June 1997. Chesterton International.
  13. ^ a b c Chesterton International (1998). Report and Accounts Year Ended 30 June 1998. Chesterton International.
  14. ^ a b c d Merna, Tony and Njiru, Cyrus (2002). Financing Infrastructure Projects. London: ICE Publishing. ISBN 978-0727730404.{{cite book}}: CS1 maint: multiple names: authors list (link)
  15. ^ Financial Review (13 February 1998). "Chesterton, Summit to join forces". Retrieved 17 May 2020.
  16. ^ Chesterton International (1999). Report and Accounts Year Ended 30 June 1999. Chesterton International.
  17. ^ Chesterton International plc (10 May 2000). "Company Announcement - Chesterton International plc ('Chesterton')Fulfilment of Funding Conditions for HM Treasury PFI Project". Investgate. Retrieved 17 May 2020.
  18. ^ a b Chesterton International (2001). Report and Accounts Year Ended 30 June 2001. Chesterton International.
  19. ^ a b Chesterton International (2002). Report and Accounts Year Ended 30 June 2002. Chesterton International.
  20. ^ Keers, Helena (15 May 2003). "Takeover of Chesterton scrapped". Telegraph.co.uk. The Telegraph. Retrieved 20 May 2020.
  21. ^ Keers, Helena (8 May 2003). "Chesterton evicts chief after 12 weeks". Telegraph.co.uk. The Telegraph. Retrieved 20 May 2020.
  22. ^ a b Keers, Helena (16 August 2003). "Manchester in Chesterton share grab". Telegraph.co.uk. The Telegraph. Retrieved 20 May 2020.
  23. ^ "Jafari-Fini takes control of Chesterton". Property Week. Retrieved 20 May 2020.
  24. ^ Chesterton International (2003). Report and Accounts Year Ended 30 June 2003. Chesterton International.
  25. ^ Cooper, Mark (2004). "Jafari-Fini loses control of Chesterton after loan default". EGi News. Estates Gazette. Retrieved 20 May 2020.
  26. ^ Wehner, Piers and Rowe, Stephen (2006). "Court rules on Jafari-Fini Chesterton bribe". EGi News. Estates Gazette. Retrieved 20 May 2020.{{cite web}}: CS1 maint: multiple names: authors list (link)
  27. ^ Chesterton International (2004). Report and Accounts Year Ended 30 June 2004. Chesterton International.
  28. ^ a b c "Tag of £8m on Chesterton arm". www.telegraph.co.uk.
  29. ^ Stevenson, Rachel (12 March 2005). "Entrepreneur fails to stop Chesterton asset sales". The Independent. Retrieved 20 May 2020.
  30. ^ a b Barnard, Lucy (21 November 2007). "Victor Tchenguiz and Credit Mercantile build stakes in Chesterton". EGi News. Estates Gazette. Retrieved 20 May 2020.
  31. ^ Chesterton Global (2006). Report and Accounts Year Ended 31 December 2006. Chesterton Global.
  32. ^ a b Chesterton Global (2007). Report and Accounts Year Ended 31 December 2007. Chesterton Global.
  33. ^ Hipwell, Deirdre (5 June 2007). "Tchenguiz and Chesterton buy valuations specialist". Property Week. Retrieved 20 May 2020.
  34. ^ Building (2 November 2007). "Chesterton acquisition". Building. Retrieved 21 May 2020.
  35. ^ a b Chesterton Global (2008). Report and Accounts Year Ended 31 December 2008. Chesterton Global.
  36. ^ Hipwell, Deirdre (3 December 2008). "Mercantile Group buys Vincent Tchenguiz's Chesterton stake". Property Week. Retrieved 21 May 2020.
  37. ^ Doyle, David; Doyle 2008-12-10T13:39:00+00:00, David Doyle David. "Chesterton and Humberts to merge". Property Week.{{cite web}}: CS1 maint: numeric names: authors list (link)
  38. ^ Chesterton Global (2009). Report and Accounts Year Ended 31 December 2009. Chesterton Global.
  39. ^ Chesterton Global (2011). Report and Accounts Year Ended 31 December 2011. Chesterton Global.
  40. ^ Chesterton Global (2012). Report and Accounts Year Ended 31 December 2012. Chesterton Global.
  41. ^ "Chesterton Humberts to split into two companies • PrimeResi". PrimeResi. February 13, 2014.
  42. ^ Laura McGuire (23 October 2023). "Historic London Estate Agent Chestertons Snapped up by French Real Estate Group". City AM. Retrieved 8 January 2024.
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