Foxtons has struck four lettings-focused acquisitions worth up to £6m as it accelerates its expansion outside London.
The listed estate agency group has acquired Maguire Jackson and Davidson Estates in Birmingham, Warren Anthony in Watford and a further lettings portfolio in the Reading area.
Foxtons will pay initial consideration of £4.8m on a cash-free, debt-free basis, with a further £1.2m of deferred and contingent consideration dependent on performance.
The four businesses generated combined unaudited revenue of £3.2m in their most recent financial years and are expected to boost Foxtons’ earnings from 2027.
BIRMINGHAM EXPANSION
The deals significantly expand Foxtons’ presence in Birmingham just eight months after it entered the city through its acquisition of FleetMilne.
Maguire Jackson, established more than 22 years ago, strengthens its position in central Birmingham, while Davidson Estates expands the group into Edgbaston.
Foxtons intends to bring its Birmingham operations together under the Foxtons brand later this year as it builds a platform for further organic growth and bolt-on acquisitions.
Guy Gittins (main picture, inset), Chief Executive Officer of Foxtons, says: “The acquisitions of Maguire Jackson and Davidson Estates demonstrate the progress we are making to build scale in Birmingham, a city with strong long-term fundamentals, a growing economy, excellent connectivity and a deep, resilient rental market.
“Later this year, we’ll bring our Birmingham operations together under the Foxtons brand, as we build our presence outside of London.”
REGIONAL GROWTH
In Watford, Warren Anthony will be integrated into the Foxtons platform formerly operated as Imagine Property Group. Foxtons says it has now acquired three leading independent lettings agencies in the town.
The Reading lettings portfolio will meanwhile be integrated into its existing network, established through its acquisition of Haslams.
Gittins adds: “We continue to see a strong level of acquisition opportunities and remain focused on high-quality, lettings-focused businesses that strengthen our existing operations, grow recurring Lettings revenues and deliver attractive returns for shareholders.”
