New arm champions businesses with scale

A commitment to giving enterprise business sales more prominence is bolstering Bayleys’ client offering.

Bayleys recently acquired the bespoke brokerage and advisory firm Rede, bringing that company’s two founders and other experienced brokers into Bayleys’ nationwide business.

Rede has an established performance record selling businesses with scale, under principals William Cheong and James Macmillan.

They will now take up positions as national directors for Bayleys Business.

Ryan Johnson, Bayleys national director commercial and industrial said in acquiring Rede, Bayleys is acknowledging that business sales sits alongside real estate – not under it – as a business line with its own credentials and transactional paths.

“Bayleys has a reputable and proven history in the sale of retail businesses valued sub-$2 million and while we will continue to grow this part of our operation, we now have capacity and added credibility to sell businesses with scale.” he said.

“By harnessing the leadership, skillsets and experience of Rede, we’ve boosted capability to transact enterprise businesses in the unlisted private market with a value of $2-50 million.

“The new-look Bayleys Business model will have four arms – advisory, brokerage, valuation and syndication – and will leverage current activity in the Auckland, Tauranga, Hawke’s Bay and Christchurch markets, with expansion to other regions to strategically follow.”

Johnson said Bayleys has cemented loyal and respected working relationships with business and property owners across its broad fullservice real estate offering, and has deep connections with corporate New Zealand and private wealth holders.

Rede was created by chartered accountant Cheong, who has international experience in commercial banking and financial risk management, and Macmillan, who comes from the banking sector with experience in business, commercial and corporate finance, restructuring and insolvency.

“Bayleys Business will provide a unique sell-side advisory service and represent businesses with an enterprise value up to $50 million,” he said. “Unlike a retail business brokerage, our targeted and intelligent approach is largely off-market without public marketing.”