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By Chloë McCulloch2021-08-16T05:00:00
What will T&T’s sale of a 60% stake to CBRE mean for the firm – and the wider industry?
If £9m landed in your lap tomorrow, would it change your outlook on life? Would it affect your relationships with others? Most people at some point daydream of winning the lottery despite – or maybe because of – us knowing the chances are that it will never happen. Which makes the recent news that 106 partners at Turner & Townsend are in line for a seven-figure windfall after selling a 60% stake in the business to global giant CBRE for £960m such a compelling story. Of course, not all the partners have an equal stake, so some will get less than the average £9m while others – and presumably the boss Vince Clancy is among them – will get substantially more.
“Good on ’em” has been the general reaction. After all, most construction bosses would cash in if such an offer came along. And beyond the fascination with other people’s personal wealth, the deal, which valued T&T at £1.6bn, has created a positive buzz because of what it says about the global reputation of the UK cost consultancy sector. Known for having world-class PM and QS talent, it is hardly surprising that acquisition-hungry corporates from the US swoop in when exchange rates are so favourable.
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