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Chestertons looking for acquisitions after upping profit

new homes

Chestertons estate agents is looking to make acquisitions after upping profits by 60% in 2019.

The company’s lettings division upped revenue by 10% year-on-year, while its sales operation saw 7% growth in revenue despite London seeing 12% fewer transactions than 2018.

Guy Gittins, managing director of Chestertons, said: “To have come through one of the most challenging markets in recent memory and have delivered a record profit and revenue year is a testament to the incredible hard work of every single person at Chestertons.

“As we enter the new decade, we are looking forward to a new period of growth and looking to expand through targeted acquisitions.

“The bold restructuring in 2018 and total transformation of the way we operate has now made Chestertons future-fit and we are in the best ever shape as we enter this new decade.

“The rate of change at Chestertons shows no sign of slowing down and I am confident we can continue to grow the company as we focus on an aggressive acquisition strategy.

“Our success has all been possible because we have the basics: a fantastic brand; many of the best-located branches in London; some excellent new tech solutions; and, most importantly, an incredibly hard-working team that is prepared to embrace change and always willing to go the extra mile for our clients.”

So far in 2020 Chestertons said sales enquiries are up 76% on last year, while new buyer registrations and the number of offers being made on properties were up 15.6% and 43.7% respectively.

The number of new properties coming onto the market was also 20% higher than 2019, giving an encouraging sign that supply issues in London could be starting to ease.