LAW firm Morton Fraser has offloaded its estate agency business to Edinburgh-based Coulters at the same time as hiring Addleshaw Goddard’s private client team.
As part of the estate agency deal Morton Fraser has acquired a minority stake in Coulters, which in 2016 was bolstered via a merger with HBJ Property, the property arm of Addleshaw Goddard legacy firm HBJ Gateley. HBJ Gateley itself was taken over by London-headquartered Addleshaw Goddard in July last year.
Read more: Law firm HBJ Gateley votes to become part of UK outfit
Morton Fraser chief executive Chris Harte said the firm had decided to divest its own residential property team, which is led by Denise McKenzie, because “the estate agency sector is increasingly competitive and requires a single-minded commitment to a consumer brand”.
“Our minority stake in Coulters means we will still have the ability to offer first-class estate agency services to our clients,” he said.
“However, it also means our talented team will be given the opportunity to contribute to a growing business in a way we could not realistically have offered.”
Similarly, Addleshaw Goddard Scotland head Malcolm McPherson said his firm felt its private client team, which is led by partner Gregor Mitchell, would find a better fit at Morton Fraser.
“The team leave with our thanks and best wishes, as they join a firm which is a better fit for their experience, expertise and client portfolio,” he said.
Read more: Addleshaws sees Scottish turnover rise by 10% in year after HBJ deal
He added that the wider Addleshaw Goddard business would continue to offer private client services to “ultra- and high-net-worth individuals, corporate entities, family offices, trust companies and charities” from its offices in Leeds and Manchester.
HBJ Gateley was taken over by Addleshaw Goddard after its former English referral firm, Gateley, listed on the London Stock Exchange, something that is not permitted under Scottish regulations.
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