Salah Mussa’s Mercantile Group has bought Vincent Tchenguiz’s 50% stake in estate agency Chesterton for an undisclosed sum.
The Mercantile Group confirmed this morning it had bought the stake from Tchenguiz’s Consensus Business Group. It now fully owns Chesterton including Chesterton Global.
Mercantile bought Chesterton with Vincent Tchenguiz in 2005 for £4m.
Tchenguiz bought the stake in Chesterton in 2005. Mercantile will also own Chesterton Global. Mercantile said it was conducting a strategic review of the 23-office Chesterton business which employ around 300 staff.
Chairman Salah Mussa said: ‘We see these difficult market conditions as an opportunity for the continued development of the Chesterton brand and we believe that Chesterton will thrive and enhance its position in this real estate market.
'I am very appreciative of all the value that Consensus has added to Chesterton over the years and I look forward to working with them on other endeavours in the future.’
Tchenguiz said: ‘We have very much enjoyed working together with Mercantile on Chesterton over the last three years, but for strategic reasons have decided to focus our efforts elsewhere.'
The Mercantile Group, a business restructuring group, is establishing a wide ownership in the residential agency business and also owns estate agent Humberts.
It bought Humberts out of administration in June this year for £3.16m, including the cancellation of outstanding payments, by administrator Smith & Williamson.
It bought 34 branches that were part of the original Humberts group, as well as 10 Farleys and Wellingtons estate agencies, which were not part of the administration, in addition to the Humberts name.