Private equity deal helps Graham + Sibbald acquisition boost earnings potential

The acquisition, financed through a private equity deal with global investment manager Foresight Group, is set to increase annual revenue for Graham + Sibbald from £25 million to close to £35 million, while creating a combined business with more than 370 employees, operating from 26 locations. 

Founded in Dundee in 1959, Graham + Sibbald now operates across Scotland and major cities in England, serving financial institutions, public sector bodies and residential and commercial property investors and developers. 

The acquisition follows the acquisition of London chartered surveying firm Keningtons, in 2022, three years after Graham + Sibbald opened an office in Manchester. 

Aitchison Raffety employs more than 100 people across nine offices in England, including in Birmingham, Manchester, London, Northampton, and Bristol. 

Les McAndrew, senior partner at Graham + Sibbald, said: “Aitchison Raffety is a well-established firm in England with many similarities to Graham + Sibbald, such as our service platform, our values and our culture.  

“With the combined new services being offered across both firms, the acquisition is a great fit to allow us to offer our clients a truly multi-disciplinary service across the UK.” 

Graham + Sibbald also works with large hotel and leisure groups and independent operators. Aitchison Raffety will bring new service lines to the business, including in healthcare. 

Ian Wimpenny, managing director at Aitchison Raffety, added: “Following a record year of turnover and growth, this move builds on our momentum and positions us to thrive in an increasingly competitive and rapidly evolving market.  

“Together, we’re creating one of the UK’s most dynamic, client-focused property consultancies, and this is just the beginning.” 

Graham + Sibbald and Aitchison Raffety will continue to trade as separate entities, before becoming fully integrated under the Graham + Sibbald name in early 2026. 

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