MMX Retail and Fawcett Mead, two of the UK's leading niche retail and leisure agents, are in final stage talks about a merger, CoStar News can reveal.
CoStar News understands that the two businesses, which were both launched by well-known advisers in 2010 and work on projects across the breadth of the UK, are finalising a deal they believe will create the country's premier niche retail and leisure adviser.
The tie-up would bring together MMX Retail's team of experts with Fawcett Mead's principally investment-focused business to create a 20-strong group based in London.
Both companies have worked on a wide variety of developments and transactions from major retail and leisure destinations to smaller market towns across the UK.
The two companies are understood to be joining forces to create a complementary company with a similar senior level advice ethos that has minimal overlap in terms of clients and skill sets.
A spokeswoman for MMX Retail declined to confirm the talks but said: “As a small and nimble business, we are always looking for opportunities for growth."
A spokesperson for Fawcett Mead said: "We have always sought to provide high quality advice to our clients across all the retail sub-sectors."
Both MMX Retail and Fawcett Mead were launched in 2010 by experienced advisers leaving major agency practices as the economy began to pick up from the Great Recession.
MMX Retail was founded in 2010 by former Blair Kirkman Partners, and then Savills, directors David Justice, David Jinks and Nick Symons. Lisa Hardy, formerly of Cushman & Wakefield, and Scott Mitchell, formerly Strutt & Parker, joined later. Clients include Marks & Spencer, Federated Hermes, Hammerson, EE, Abrdn, LK Bennett, menswear retailer Moss and The Crown Estate.
The group is expert in agency, lease advisory, landlord and tenant work, development and repurposing and investment. According to its website it has 4.5 million square feet of lease space on shopping centres under management, has settled 250 rent reviews in the last 12 months and has advised on £826 million of investment transactions since it launched.
Fawcett Mead was founded in 2010 by Graham Fawcett and James Mead after the duo left JLL, which they had joined as part of its acquisition of Churston Heard in 2008.
Clients have included disposal programmes and advice for Kennedy Wilson, Columbia Threadneedle Investments, CBRE Global Investor, Legal & General, Federated Hermes and Ellandi as well as advice on a number of receiverships of large multiple retailers including The Works, Hawkins Bazaar and Clinton Cards.
According to its website it has completed 75 investment transactions in the last 12 months totalling £585 million and has worked on leasing instructions in 75 towns across the UK.
Fawcett Mead's James Mead and MMX's David Justice are both heavily involved in the Elifar Foundation Charity, a property industry backed charity which aims to help improve the care, facilities and equipment available to profoundly disabled children and young adults.