Estate agent Strutt & Parker has been snapped up by the real estate division of French bank BNP Paribas.

The historic agency, which has branches in Canterbury and Sevenoaks, will be merged with the property services firm’s UK subsidiary in September.

It comes after a difficult period for the business, which suffered a 35% fall in pre-tax profits to £18.3 million in the year to the end of April 2016, according to its latest accounts.

Senior partner Andy Martin said the deal, which brings together 1,500 staff, gives the business “new impetus in a constantly-evolving global market”.

He said: “I am very keen on the idea of uniting our brand with the strength of BNP Paribas Real Estate.

“This merger not only creates attractive commercial real estate opportunities, but also opens up new prospects in the rural and residential sectors thanks to the size and strength of the group that we are creating together.”

BNP Paribas Real Estate chief executive Thierry Laroue-Pont said: “This combination will enable us to offer our clients, all over the world, a broadened and deeper expertise as well as new, even more innovative services and solutions. In this new stage of development, we shall carefully take into consideration the expectations of both groups’ employees and clients.”

Strutt & Parker’s residential, rural, development and planning teams will continue to operate under the Strutt & Parker brand, whilst the commercial arm of the business will operate under the BNP Paribas Real Estate brand.

The firm was founded by school friends Edward Strutt and Charles Parker in London in 1885 and has 60 offices.