With effect from March 28, Colliers International UK will operate as a wholly owned subsidiary of FirstService Corporation (FirstService).
In addition, FirstService will assume the UK ownership interests in Ireland and Spain. FirstService owns almost 90% of Colliers International (by revenue) globally and through this acquisition we are able to ensure there will be no disruption in service to our clients or our business activities.
The UK management team remains unchanged, with Tony Horrell continuing as CEO of Colliers International UK & Ireland and as part of Colliers International's EMEA Board and International Governing Committee.
Commenting on the acquisition, Tony Horrell said: "We are delighted to now be fully integrated with Colliers International globally. This deal means that we have recapitalized the UK business and have the financial might of FirstService behind us, who intend to invest further in our business, as well as the global strength and depth of Colliers International to call upon.
"However, it is business as usual for us, and all our staff and client teams will continue as before. We remain passionate about the UK, one of the world's leading real estate markets, and our local clients will remain our uppermost priority."
Doug Frye, Chairman of Colliers International added: "The EMEA region is a significant component of our global growth strategy and building a strong UK business is central to our success. The UK operations have been part of Colliers International for 17 years, and we know it is a great business, with exceptional employees and an excellent client list. I am confident that by combining our strengths we will accelerate the success of our clients and our people."
Source: Colliers International