Property consultancy Cluttons has been bought out of administration in a pre-pack deal by turnaround specialist Rcapital.
A statement from Cluttons said it had “commenced a significant restructuring both in the UK and overseas” due to difficult trading conditions in the real estate markets in which it operates.
A quarter of the firm’s London offices will close under the new plans, namely its residential estate agency branches in Belgravia, Blackheath and Clapham which were thought to be under-performing.
The GFM international facilities management business which Cluttons owns will be discontinued, and its operations in Nigeria will also cease. Cluttons said this would allow it to “focus on its more profitable areas, simplify its international structure and strengthen its core markets of London and the Middle East”.
The statement also said the firm was “burdened by a legacy defined benefit pension scheme which become unsupportable in the long-term.” Cluttons’ liabilities under the pension scheme will now be transferred to the Pension Protection Fund.
Cluttons is headed up by senior partner Steven Morgan, who took up the role in November, along with managing partner James Gray.
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