Savills Private Finance (SPF) is planning an expansion into Europe this year, in a bid to continue last year’s strong growth.

Mark Harris, managing director of SPF, said the group had managed to grow its profits by 17% to £4.1m in 2004. It also increased its turnover to £19.7m – up 29% from £15.3m in 2003.

Harris said the business also increased its staff numbers from 109 to 180 last year, mainly through organic growth and the acquisition of mortgage broker Sherwins, which specialises in the affordable homes market.

In addition, it opened new offices in Birmingham, Cambridge, Brighton, Wimborne and London’s West End.

Harris said: “We were very active last year. Where others were battening down the hatches and slowing down for regulation, we saw it as an opportunity to grow. If firms can find good people then they should not be afraid to take them on board, even if the market is softening, because good people will make money in any market.”

Harris said this year SPF would continue to focus on its prime business but also look for opportunities to grow in niche areas. SPF planned to have offices in Europe this year and, if successful, could expand to cities such as Hong Kong and Kuala Lumpur.

Harris said: “We are not far away from having offices overseas. Our business would initially service UK clients, with a view to taking on the local market.”

UK-based mortgage broker Cartel also announced plans to launch brokerages across the globe last week.

Carl Wright, managing director of Cartel, said SPF’s plans were not a concern for Cartel because Europe was an emerging market that would continue to grow.

He said: “The market is definitely big enough in Europe and Savills has got the experience. The more the merrier.”