Management buyout at Savills Private Finance
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Savills has revealed today that it has completed the sale of a majority interest - 80.01% in Savills Private Finance to the SPF senior management team.
At December 31 2010, the SPF business had gross assets of £4.2m.
The business will be renamed SPF Private Clients and Savills says it will continue to provide a full financial services solution to Savills clients and staff.
Savills will continue to hold a 19.99% stake in the business.
Savills made a £1.9m loss in its financial services division in 2010.
The losses for the division, which decreased from £2.9m in 2009, represents all financial services activity within the group including its broker arm SPF. Revenues for this division dropped 16% from £11.2m in 2009 to £9.4m last year.
In February Mortgage Strategy reported that Countrywide was in the market for a high net worth broker and was considering buying SPF.
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