Lettings giant may be sold for £400m

ONE of the country’s biggest lettings agencies could be about to change hands for up to £400 million.

City sources said the private equity owner of Leaders Romans Group has appointed bankers from NM Rothschild to work on a ‘strategic review’ of the business, which could lead to a sale later this year.

The possible disposal follows an unexpected property boom over the last year, driven in part by the Government’s stamp duty holiday, which triggered a potential round of corporate activity in the property industry.

Estate agency Chestertons has recently been put on the market for £100 million by Libyan businessman Salah Mussa, who is believed to have appointed advisers from Deloitte.

Chestertons has around 30 branches in the UK and is focused on sales of expensive houses.

Leaders Romans concentrates on lettings and has around 160 branches across Britain.

Bankers said Leaders Romans is expected to generate around £35million in operating profits, so the business could be sold for between £350million and £400 million.

Private equity firm Bowmark Capital originally invested in Leaders Romans in 2010 and backed the firm to carry out 110 acquisitions to make it one of the largest lettings agencies in the UK.

It is thought that a sale of the company – most likely to a large buyout firm – could take place either later this year or in early 2022.