The acquisition will result in a major expansion of the CKD Galbraith office network in Scotland and the range of property services provided by the firm.
Buccleuch John Sale's three offices and 30 staff in Kelso, Galashiels and Peebles will continue to serve the needs of their clients as a fully integrated part of CKD Galbraith.
The prospective deal will take the number of CKD Galbraith offices in Scotland to 12, employing 160 people from Inverness to the Borders. Heads of terms have been agreed between CKD Galbraith and The Buccleuch Group. Subject to the due diligence process being completed successfully, the acquisition is expected to be completed within a month.
James Galbraith, Chairman of CKD Galbraith, said: "This is a very exciting and significant development for all involved. John Sale is a long-established practice, particularly in the Borders, and is a very highly respected name in property. We will be joining forces with a team that shares many of the same values as CKD Galbraith and believe our combined resources will offer a depth, breadth and quality of service to clients that is simply not currently available in the Borders."
Harry Lukas, Director of Buccleuch John Sale, added: "We are all very pleased to be joining the progressive CKD Galbraith team. We have a great deal in common, particularly in seeking to offer people in the rural property sector a personal service which has been our approach for many years. We will continue to serve our clients, many of whom we have built up excellent relationships with over a long time."
John Glen, Chief Executive, The Buccleuch Group, said: "The Buccleuch Group purchased John Sale Ltd in April 2004 with the aim of growing its existing activities in the Borders and beyond. This was partly achieved by combining some of our in-house activities, but the existing market conditions now require it to extend its commercial reach further. Consequently, it makes for John Sale to join forces with CKD Galbraith for whom this represents a unique opportunity to move into the Borders, enabling both to fulfil their ambitions as the economy improves.