RCapital invests in Cluttons

Under the GP's tenure, the business will undergo a corporate restructuring.

According to a report in the Times, Cluttons said it had an "unsupportable" pension fund deficit, which amounted to £42.9m as of March 2016. The publication also reports that the company's senior partner, Steven Morgan, will retain an equity stake in the company as part of the deal.

In a statement, the GP said the company's growth had been hampered by difficult trading conditions in the UK residential real estate market and ongoing legacy issues. The company will reportedly close three of its London offices in Belgravia, Clapham and Blackheath following the deal.

RCapital's previous deals in the real estate and related advisory space include a growth capital investment in Shropshire Leisure Group and the $48m acquisition of Four Seasons Group, both of which took place in 2013.

Company
Headquartered in London and founded in 1765, Cluttons is a chartered surveyor and property consultancy.

Cluttons has a headcount of 450, with an additional 32 partners. The business has additional operations in the United Arab Emirates, Oman, Bahrain, Egypt and Saudi Arabia.

People
RCapital – Chris Campbell (director).
Cluttons – Steven Morgan (senior partner).

Advisers
Equity – BTG Corporate Finance (corporate finance); Pinsent Mason (legal).

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