Canada’s fastest growing commercial property service provider has bought one of its UK-based competitors for an undisclosed sum. The acquisition by Avison Young will also see the opening of its first office outside North America.
Seen as another milestone in the firm’s growth and expansion strategy, Canadian company has for months been seeking the right vehicle to help it establish a foothold on this side of the Atlantic. By taking over Haywards LLP it not only inherits offices in London and Oxford but adds 20 new employees to its worldwide workforce.
Since 2009 Avison Young has expanded its number of offices from 11 to 56 — including its recent UK additions — and increased the staff it employs from 300 to more than 1,500. The markets it now serves have topped 45 in Canada, the United States and now Europe.
Established in 1992, Haywards has offered its British clients the full range of commercial property services from strategic planning and project implementation to acquisitions, dispositions, development and property and facilities management. Its four managing partners Nick Cook, Tony Oxford, Iain Rackley and Sarah Cook have all become Avison Young principals.
Nick Cook, who also takes on the position UK managing director, will be responsible for recruitment and acquisitions and oversee the day-to-day running of both offices. Rackley will be based in the Thames Valley and be in charge of project management and building consultancy and Sarah Cook will serve as UK vice-president of finance in London.
Avison Young’s chief executive officer, Mark Rose, says that the firm’s strategy is to use the UK as a gateway into Europe.
“But we wanted to ensure that we found the right people, the right location and, ultimately, the right fit so that we could provide a full range of offerings and the highest level of commercial real estate brokerage, advisory and property management services to clients from the outset,” he explained.
“The opportunity to maintain a highly successful ongoing operation in Oxford, as well as London, is a value-added bonus and gives us a head-start on future expansion elsewhere in Great Britain,” he added. “We’re thrilled to have 20 new employees and the diverse skill sets and expertise that they can offer our firm and clients as we begin our expansion in the UK, Europe and eventually into Asia.”
In 2012 Avison Young appointed Duncan Hamilton as it director of global client services based in London. He will now move into Hayward’s Margaret Street office in the West End from where he will continue to manage the company’s international business development.
Nick Cook has known his new boss, Mark Rose, for several years. “We have very similar aspirations and view the real estate advisory world in much the same way,” said Cook. “Avison Young’s ambition to become a global player, but to be of a size that could still provide high-quality personal service aimed solely at the clients’ well-being, fits perfectly with Haywards’ way of doing business.
“We are determined not to dilute our brand by becoming large, unwieldy and anonymous,” he added. “We want to be relevant, attract great people, provide a personal service and be regarded as our clients’ trusted expert. Operating under the Avison Young banner, we will be able to do all of that — and more.”
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