ANDREW FORBES DEAL PROVIDES “NATURAL OVERLAP” FOR EDDISONS
Andrew Forbes, a firm of chartered surveyors with six offices in England and Wales, has been sold to Eddisons.
Andrew Forbes, a firm of chartered surveyors with six offices in England and Wales, has been sold to Eddisons in a deal overseen by Paul Liptrott, KBS Corporate Deal Executive.
With its headquarters in Bristol, Andrew Forbes also operates from Bath, Cardiff, Cheltenham, Oxford and Swindon, having been established in 1995 and achieved a reputation for providing high-quality advice on a wide range of commercial and residential properties for owner occupation, investment or development.
The company’s 18 employees are being integrated with Leeds-based national property consultancy Eddisons, which has a network of more than 25 offices across the UK and now has a valuations team exceeding 100 among its staff of over 400.
“Andrew Forbes wanted to find a buyer that could satisfy the objectives of three shareholders who all had differing objectives,” explained Paul Liptrott after completing the sale.
“Two shareholders were retirement-planning, although only one of them was to retire immediately after the transaction. Two of the shareholders wished to continue working within the profession, so it was important to find a buyer that could be a good fit.”
One of the UK’s fastest-growing property consultancies, Eddisons’ presence in the South West of England has been significantly boosted as a result of this acquisition.
“The buyer recognised Andrew Forbes operated in a geographical location they had planned to provide further services within,” added Paul.
“The reputation they had built since 1995 and the success of Andrew Forbes in this area of professional services had appealed to several buyers. However, Eddisons were much more appreciative of the value this would bring. They had criteria that had been met in every aspect with Andrew Forbes.”
David Chichester, managing director of Andrew Forbes, said: “We are excited to be joining the Eddisons team as there is a natural overlap with the services we offer and an opportunity to work with like-minded individuals. This strengthens our proposition to clients and I look forward to developing the opportunities the deal presents.”
Eddisons’ managing director Anthony Spencer added: “The acquisition complements our existing strength in valuations and I look forward to working with David and the team to seek opportunities for further growth.”
The sale was also one that ticked all boxes from KBS’ perspective. “Andrew Forbes were an absolute pleasure to work with, which made the process extremely successful and we found the perfect buyer within a short scope of time,” said Paul Liptrott.
“The communication I had working with Andrew Forbes was a cut above the rest. The shareholders trusted my advice and clearly communicated their requirements and preferences.
“Working together in such a manner was instrumental to the success of the deal. I have no doubt the spirit they showed during the deal will transmit going forwards working with Eddisons.”
Paul’s work was supported by KBS colleagues Lile Ashley, Research Analyst, who identified the buyer and many other potential acquirers who impressed Andrew Forbes, and Daniel Calderbank, Document Writer, who prepared the information memorandum.