Property firms announce merger deal

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The newly enlarged firm will take the Carter Jonas name from next month in a move marking the end of the Dreweatt Neate brand, which traces its roots back to 1759 when it was founded by Thomas Davis.

It will have a combined turnover of £30 million, with more than 75 partners and 400 staff working across 31 offices.

But staff are being consulted over restructuring plans as the deal will create some overlap, although no offices are expected to close, according to a Dreweatt Neate spokesman.

The two firms have been in discussions since last year and were thought to have been near to agreement in the summer as the housing market troubles began to escalate.

Mark Granger, chief executive of Carter Jonas, will lead the combined firm under the same title, while Carter chairman John Henniker-Major will also continue to chair the board of the group.

David Smith of Dreweatt Neate remains as senior partner.

Headquartered in Mayfair, Carter Jonas is the larger of the two firms, with 20 offices largely operating out of London, but also covering the North, East, Central England, Wales and London.

Dreweatt Neate is best known for its rural expertise and is based in the South, with 11 offices and a head office in Newbury, Berkshire, where it was founded.

The merged group will have six divisions, operating across residential, rural, commercial, architecture, property planning and minerals and waste management.

Mr Granger said he would lead the business into a "new era of prosperity".

He said: "The enlarged Carter Jonas will have a wider spread of offices and a fresh combination of skills to enable it to build on the strong foundations it already has."

Mr Smith added: "For some time, both organisations have felt that a merger could generate significant opportunities and we're excited that this is finally happening."

The firms between them count more than 400 years of combined trading.

Carter Jonas was established in 1855, adding to Dreweatt Neate's 250-year history.

However, the Dreweatt Neate brand only appeared some time later after a series of mergers, having first started life named after its founder Thomas Davis and specialising in furniture valuations and repairs.