The news was immediately met with speculation as to whom among the big hitters would line up to bid for the remnants of one of the biggest names in British property consultancy. Both AtisReal and Savills are understood to be interested.
Bidders have until 5: 30 p.m.--London time--today to make their offers. Most of firm's offices are now closed. The privately owned business employs over 700 staff at 36 offices across the UK.
Explaining the decision to put Chesterton into receivership, Grant Thornton partner Nigel Morrison said: "Chesterton has been making significant losses over the past few years, partly due to the competitive trading environment particularly in commercial property and partly due to the level of rent voids. As a consequence its cash flow has been under pressure.
"The residential business, which has an excellent reputation in its key London locations, has been operating steadily, despite the soft market conditions for residential property. The receivers have already received serious expressions of interest for various business streams including the residential business from a number of parties and are cautiously optimistic that going concern sales of certain parts of the business will be achieved."
Chesterton, which celebrated its bicentenary a few weeks ago, went private in 2003 and was delisted from the stock exchange in March 2004.
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