Ryden, the leading Scottish, North of England and London real estate adviser, is in talks to sell its business to a buyer thought to be national real estate adviser LSH.
Neither party has confirmed the discussions but Ryden's just-published accounts for the financial year to end of March 2024 include a forward-looking statement confirming it is in talks to sell the business to a an undisclosed entity.
It writes: "The LLP is currently in discussions regarding the sale of the trade and assets of Ryden LLP to another entity. The members are considering Heads of Terms in order to progress the transaction, after which detailed due diligence will be performed. If the transaction were to progress it is expected the sale will complete by 31 March 2025."
Ryden is a commercial property consultancy of 150 people operating across the UK from offices in Edinburgh, Glasgow, Aberdeen, Leeds, London and Manchester. The team of chartered surveyors and planners delivering a full range services to property owners, occupiers, developers and investors. Cross-discipline teams work on a regional and national basis. It also advises on public sector property, residential property and development land.
Turnover in its results for full-year to end of March 2024 was £12.427 million down slightly from £12.889 million in the previous year, while operating profit was £5.168 million up from £4.718 million.
Green Street News has reported that the party in talks to buy Ryden is LSH. It emerged last week that Lambert Smith Hampton is also in talks to take a stake in SHW, creating a strategic partnership between the leading real estate advisers.
National adviser LSH, which is owned by Skipton Building Society and Connells Group, would become a member of the 20-strong partnership at South of England and London specialist SHW, in a move which would give it a significant stake in the business.
LSH, which is led by chief executive Ezra Nahome, was bought by Skipton-backed Connells at the start of 2021. It is one of the UK and Ireland's largest property consultancies with 29 offices and over 1,000 staff.
LSH and Ryden declined to comment.