Following the acquisition of the Manchester-based retail specialist by Lambert Smith Hampton, it has emerged that a group of five Tushingham Moore advisors were not part of the takeover and are establishing their own practice.
The new firm will be made up of Paul Jones' investment team and members of the Tushingham Moore development and leisure divisions.
The Tushingham Moore investment function, known as TMI, worked alongside Tushingham Moore as a separate company providing investment agency advice. TMI is led by Jones as head of investment, supported by Jonathan Phillips, investment surveyor, who is joining Jones' new business.
Jones confirmed he was working alongside Dan Davies and Stephen Tregenza, both partners at Tushingham Moore specialising in development advice, to establish the new firm. The breakaway business will also include Suzanne Hilditch, surveyor and leisure specialist at Tushingham Moore prior to the LSH deal.
TMI (Manchester) was registered as an independent company in 2013, with Paul Jones and Paula Ann Jones listed as directors and shareholders with 500 shares each.
According to Jones, as well as TMI "there were also other separate businesses working alongside Tushingham Moore LLP run by Stephen Tregenza and Dan Davies. None of these companies have been acquired by Lambert Smith Hampton.
"However, I can confirm that myself, Dan and Stephen will be forming a new property advisory practice that will include Jon Phillips and Suzanne Hilditch. A further announcement will be made next week."
LSH's acquisition of Tushingham Moore was announced earlier this week. As part of the deal Tushingham Moore senior partner David Moore will become head of LSH in the North West and around 25 members of staff will be absorbed.