JONES Lang LaSalle, the giant surveyor, has bought King Sturge in a deal that will trigger average windfalls of £2.3 million for its smaller rival's partners, 12 of whom are based in Scotland.
One of the word’s biggest land and property specialists, Jones Lang LaSalle is paying £197m to buy King Sturge from its partners in a deal that will result in the disappearance of the 250-year-old name from the market.
The beneficiaries in Scotland include Fiona Hamilton, the retail expert who founded the chic Fifi & Ally cafe bar in Glasgow. Ms Hamilton heads King Sturge’s operation in the city.
Ms Hamilton also owns the Beanscene coffee bar chain, which she bought after selling her Hamilton Glen surveying operation to King Sturge in 2008.
Jones Lang LaSalle, which has headquarters in Chicago, has agreed to pay half the cash up front. The remainder will be paid out over five years to encourage retention of key staff.
Chris MacFarlane, partner in charge of King Sturge in Scotland, said all 12 of its partners in the country would remain with the enlarged firm.
It is not clear if the takeover will see any jobs losses at other levels of the merged group in Scotland.
Jones Lang LaSalle employs 91 people in Scotland, including 20 support staff. King Sturge has 50 employees, including 10 support staff. Both firms have offices in Glasgow and Edinburgh.
Asked if any jobs would be cut, Alasdair Humphery, managing director for Jones Lang LaSalle in Scotland, said: “That’s not the intention but I don’t think anyone can say never.”
However, he noted that both firms had completed efficiency drives to help cope with the downturn in property markets that followed the credit crunch.
“They have both been through the terrible recession in the industry. There is no fat there to deal with.”
Mr Humphery said there was very little overlap between the two businesses’ operations in Scotland.
It has not been decided who will run the enlarged firm in Scotland.
Jones Lang LaSalle, which is listed in New York, said the enlarged firm would have a scale and depth of expertise that will be second to none in the UK and continental Europe.
All 43 King Sturge offices across Europe, including 24 in the UK, will operate under the Jones Lang LaSalle brand.
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