Central London property firm Cluttons has reportedly been bought out of administration in a pre-pack deal.
The company, one of the UK’s oldest firms of chartered surveyors dating back to 1765, also has an office in Brighton plus operations overseas.
According to reports, it blamed its difficulties on ‘unsupportable’ pension liabilities and ‘difficult trading conditions’ which have particularly affected its transactions.
Cluttons will close three London offices, its global facilities management business, and its operations in Nigeria, according to the report.
Cluttons said it will now “focus on its more profitable areas, simplify its international and strengthen its core markets of London and the Middle East” and that “the corporate restructuring will allow Cluttons to continue to operate as normal and build a strong and flourishing business for the future”.
It said it is working to preserve jobs across the business.
Cluttons produced £71.m in operating profits last year, but its pension liability has been beset by low interest rates, leaving the company to make up the shortfall.
The purchasers are said to be turnaround firm RCapital.
We have asked Cluttons to comment. However, an expected statement has not arrived.
The company’s last filed accounts show a loss of nearly £19m.