Growing estate agency group Dexters says it is now London’s biggest firm with some 150 branches.
Its latest annual accounts show this has been achieved via millions spent on expansion including the acquisition of several estate agencies most notably former 27-branch rival Marsh & Parsons; cold-starting a dozen new branches and significantly enlarging its head count.
But such energetic growth has impacted its financial performance. While revenue increased by 3% to £147.1 million, operating profit was down from the previous year (2021) from £40.6 million to £37 million.
Sales and lettings
Of the £147.1 million of revenue, £79.5 million was generated through Dexters lettings and property management business, £56.5 million through sales and new homes activities and £11.1 million generated from other professional advisory services.
The new branches opened are in Tooting Broadway, Cricklewood, Muswell Hill, East Dulwich, Kentish Town, Wimbledon, Islington, Finsbury, Hendon, Wapping and Hackney Central, with a new office opening scheduled for Finchley shortly.
The firm’s expansion has been bankrolled largely by cash from City firm Oakley Capital, which two years ago revealed it had made some £130 million available to Dexters in order to buy rivals and open new offices.
Since this partnership some £54 million has been spent on buying agencies and adding over 50 new offices under various brands to the group’s branch portfolio, all under the leadership of former Sainsbury’s boss and now Dexters Chairman Justin King and CEO Andy Shepherd (main picture, LtoR).
Last year alone it added nearly 200 staff to its headcount, taking its group employee total to 2,000.”
“The Dexters group has considerable potential for future growth, with many of its recently opened or newly acquired offices not yet reaching their full potential,” says Shepherd.
“Also, while we have a leading market share position in the capital, there are many parts of Greater London where the group does not yet have a presence, meaning there is a significant opportunity for further expansion through acquisitions and new office openings.”
Read more about Dexters.