Elliott Bernerd to buy 30% stake in Fletcher King

Real estate developer Elliott Bernerd is set to take a 30% stake in chartered surveyor Fletcher King. The company plans to issue 1.04m new shares to Chelsfield-founder Bernerd to raise £547,276, representing 10.17% of its enlarged share capital. Its three largest shareholders – chairman David Fletcher, LowerLand and District & Urban Group – will also sell part of their holdings to Bernerd, giving him a total stake in Fletcher King of 29.9%. Fletcher said: “It has been our wish for some time to have a significant shareholder who would help the expansion of our business and assist us in acquiring new clients and projects. Elliott and I have known each other since the early years of our careers. His expertise, vast experience and contacts throughout the world will be, I am sure, of great value to the company and its shareholders.” Talks between the two parties began earlier this year. “The proposed investment announced today is intended to bring about a close working relationship whereby Elliott Bernerd will introduce to Fletcher King new projects, advisory assignments and funds under Fletcher King management for the benefit of all shareholders,” Fletcher King said. “The company in turn will bring its expertise as the international property market returns to a growth trajectory in the wake of the Covid-19 pandemic.” With FCA approval, Bernerd will become a controller of the company. Two of his associates, former Chelsfield chief operating officer Matthew Wise and Chelsfield Caputal director David Gibbs, will take non-executive directorships at the company.   To send feedback, e-mail tim.burke@eg.co.uk or tweet @_tim_burke or @EGPropertyNews