Many will have noted the recent MBO by Property Vision, one of the top property search firms in the UK. While the specifics of the deal are being kept secret, founder Charlie Ellingworth has talked openly about the motivations.
Many will have noted the recent MBO by Property Vision, one of the top property search firms in the UK. While the specifics of the deal are being kept secret, founder Charlie Ellingworth has talked openly about the motivations.
‘The period of ownership by HSBC Private Bank was very fruitful. It enabled Property Vision to expand its footprint across a wide international client base and made the brand recognised across the world.
‘After 2008, however, the rising tide of FSA regulation – to which we were subject as a bank subsidiary – began to be a real headwind for our business as we are regulated by the OFT.
Related
‘Regulation is, of course, fine – but the wrong sort began to make life difficult.’
So will the MBO change the culture of the South Kensington based firm going forward?
‘Property Vision has always had the culture and ethos of entrepreneurs, and all the partners going forward are looking forward to the freedom, opportunities and risks of running our own business again.
‘Our attitude has always been that service must take precedence over process – but this can suffer in the embrace of any large organisation.
Content from our partners
‘So no, the culture and focus has always been there – but yes, a partnership is bound to strengthen both further.’
What’s guaranteed is that Property Vision’s partners will be chomping to pitch for business across the whole financial sector.
‘It’s very exciting,’ confirms Ellingworth. ‘If you don’t like change and new challenges then it’s time for golf, bridge and Saga holidays; I’m at least sixty years away from that!’
Read more from Wealth Wednesday
Don’t miss out on the best of Spear’s articles – sign up to the Spear’s weekly newsletter
