Knight Frank, the national and global real estate adviser, has begun a consultancy process that puts up to 3% of its UK staff at risk of redundancy.
In a statement Will Beardmore-Gray, senior partner and group chair, Knight Frank, said: "Such steps are never undertaken lightly, and I know it will be an unnerving time for those affected. This difficult decision has been taken in order to future-proof the firm and focus on the strategic activity that delivers the long-term insight, expertise and service that our clients deserve and value.”
In its last results for the full-year to end of March, Knight Frank reported rising revenues, saying its strong partnership culture continued to set the business apart from peers.
For the year to 31 March 2023, the adviser said it was expecting to report a revenue increase to £670 million (2022: £665 million). It said its group profit of £195 million is closer to the 2021 level after the "exceptional" profits of 2022.
Founded in 1896, and headquartered in London, Knight Frank has 487 offices across 53 territories and more than 20,000 staff. There are 2,985 staff based in the UK.
KF is rare among the UK's top five real estate brokers in that it remains a limited liability partnership as opposed to listed peers JLL, Savills, Cushman & Wakefield and CBRE.