Cluttons completes MBO in confident move to accelerate growth

In a bold move underpinning their commitment to accelerating growth, the Partners of strategic property consultancy Cluttons have announced the completion of a management buyout. 

TREUN Capital have been brought in to help Cluttons maximise the potential of its residential, connectivity, workplace, and sustainability expertise.

James Gray continues as Chief Executive Officer alongside Nicholas Potter who continues as Chief Financial Officer, while Partner John Gravett is promoted to the new role of Managing Director.

Alan Froggatt, former Chief Executive for Europe at CBRE, has been appointed Non-Executive Chair of the Board with Catherine Spitzer, former Managing Director of Bidwells, also appointed as a Non-Executive Director. Their extensive contacts and collective experience of growth and organisational development bring extra insight and opportunities to Cluttons. 

TREUN Capital is a long-term private equity investor set up by industry specialists to share their experience of mid-market businesses on transformational growth journeys. They crucially invest experience as well as equity to support leadership teams grow faster and with more certainty. Cluttons selected TREUN Capital as their investment partner for their track record in long-term growth investment and because their values are closely aligned. 

James Gray, CEO of Cluttons, said: “The last few years have been pivotal for Cluttons in building a leadership position in the management, sustainability and connectivity driven activities of professionally managed estates, particularly within the dynamic and ever-growing national energy and digital infrastructure sectors.

The unique combination of digital connectivity and sustainability advice we provide is critical to the delivery of both Government and client net zero ambitions. Alongside our residential, infrastructure and workplace strategy expertise, these strengths enable us to create value for our clients at every stage of the property lifecycle and we will continue to leverage from them as a key part of our growth ambitions.”

John Gravett, newly appointed Managing Director, added: “We have set our ambitions high but with the backing of TREUN Capital they are also realistic. We will continue to make key hires and our focused expertise and diverse client list continue to attract entrepreneurial leaders and ambitious professionals from competitors.

Many talented people, teams, and smaller businesses are seeking opportunities to be part of a modern full-service business that brings them closer to the big names in property and the issues that matter most to them. Cluttons is a refreshing alternative because we have size and depth, but we are also nimble and agile, allowing our people to grow and be part of one joined-up dynamic business.”

Since emerging from the pandemic, Cluttons management and strategic consulting focus has supported revenue growth of 25% to £25m in the last 12 months. Cluttons has also been investing in geographical expansion and modernisation, and recently took a lease at a new sustainable City office building at Yarnwicke on Cannon Street, London. In 2021, Cluttons launched a Northern hub in Manchester and have now signed a 10-year lease at 26 Cross Street, part of the St Ann’s Square conservation area in Manchester as well as extending key hires into Newcastle, an area the business is also growing.

The management buyout marks the end of the strategic property consultancy’s relationship with previous investor Rcapital who have supported Cluttons’ modernisation programme since 2017.

Cluttons LLP received legal advice from Pinsent Masons, corporate financial advice from Ulmus Advisory, and advice on tax matters from RJP. TREUN Capital received legal advice from Shoosmiths and financial advice from HMT.


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James Gray

Chief Executive Officer

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James Gray