Agents' profits squeezed as fee-cutting war rages

Article Abstract:

The quality of services offered by property agents will be negatively affected if fee-cutting continues, according to Richard Lay, chairman of DTZ Debenham Thorpe. His company is not prepared to work for fees which do not provide a reasonable return, but is coming under constant pressure to reduce fees. In the year to Apr 1995, it saw pre-tax profits fall by 11.4% to 3.65 million pounds sterling. Difficulties have also been experienced by fellow quoted agent Fletcher King.

Finance

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Chesterton to pay 8m pounds sterling to buy back residential chain

Article Abstract:

Chestertons Residential, the chain of 16 estate agents sold by Chesterton International in 1986, it to be bought back from Woolwich Building Society, which purchased it from Prudential in 1991, for 8 million pounds sterling. The chain achieved pre-tax profits of 1.18 million pounds sterling in the year to Dec 1995. Chesterton believes that the purchase is appropriate at a time when there is a trend towards property renting.

Mergers, acquisitions and divestments, Woolwich Equitable Building Society, Chesterton International Inc.

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Executive enforcer

Article Abstract:

Michael Holmes is the new chief executive of troubled UK-based multinational real-estate agent Chestertons. Since joining the company, Holmes has had to deal with a succession of disasters, including revelations of previous mismanagement and accounting errors. Holmes, who worked for Rentokil for 18 years, has begun restructuring the company by creating seven divisions and reducing the number of board members.

Management, Interview, Chesterton International PLC, Holmes, Michael

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