Drivers Jonas seals historic merger with Deloitte


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Drivers Jonas is to join accounting giant Deloitte in an unprecedented merger for the real estate advisory sector.


The deal will see the 285-year-old agent rebranded as Drivers Jonas Deloitte.


The entire DJ business will become part of Deloitte’s corporate finance division.

DJ’s 25 equity partners will join the accountant’s 670-strong UK equity partnership by 31 March.


Deloitte chairman and UK chief executive John Connolly said that no money had changed hands in the deal.


DJ, which has 650 staff, reported revenue of £95.7m last year.


Deloitte’s existing real estate advisory business of 40 people, led by three partners, had a turnover of around £14m.


Connolly first approached DJ managing partner Nick Shepherd in the autumn.


They first met to discuss the idea on 29 October.


Shepherd said: “We see huge opportunity in combining Deloitte’s real estate skills and wider business expertise with our full range of property and construction services.


“No competitor will be able to provide an integrated offer combining real estate knowledge, tax, finance and structuring advice in this way to UK and international investors and occupiers.”


Shepherd and Connolly last night gathered the bulk of DJ’s staff at Merchant Taylors’ Hall, EC2, to break the news of the deal.


For more on how Connolly and Shepherd plan to double revenue see EGi News and this week’s Estates Gazette.


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