Three-way deal unveiled
Morton Fraser boosts private client work and exits estate agency
Chris Harte: ‘freedom to operate’
Morton Fraser has recruited the 10-strong Scottish private client team from Addleshaw Goddard and is offloading its estate agency business to Coulters.
The moves will allow Morton Fraser to focus on its private client offering which is served by a team of 60 staff.
The firm will take a minority stake in Coulters and transfer its eight-strong residential property team to the Edinburgh estate agency. Morton Fraser will no longer directly provide estate agency work.
Chris Harte, chief executive of Morton Fraser, said: “Being an independent firm means we have the freedom to determine what investments will best serve our clients and our people.
“The estate agency sector is increasingly competitive and requires a single-minded commitment to a consumer brand.
“It also means our talented team will be given the opportunity to contribute to a growing business in a way we could not realistically have offered.”
The Addleshaw Goddard Scottish private client team is led by Gregor Mitchell, who will join Morton Fraser as a partner alongside Euan Fleming and a team of eight consultants, solicitors, paralegals and executive assistants.
Malcolm McPherson, senior partner – Scotland for Addleshaw Goddard, said: “The team leave with our thanks and best wishes, as they join a firm which is a better fit for their experience, expertise and client portfolio.
“We will be communicating directly with clients over the next few weeks on the details of the transfer.”
Ben Di Rollo, head of business development & marketing at Coulters, said: “The combination of the Coulters’ brand and success story with the great team from Morton Fraser will undoubtedly have a positive impact on a sector which is traditional in nature.
Coulters is chaired by Margaret McPherson, wife of Malcolm, and is overseeing a repositioning of the business. A team of HBJ Gateley (now Addleshaw Goddard) staff joined the business earlier this year.