The Negotiator can confirm rumours that London’s biggest independent estate agency chain, Dexters, has made a successful takeover bid for rival firm Kinleigh Folkard & Hayward (KFH).
The move to buy KFH, which is yet to be officially announced, is a major step in Dexters’ plans to grow its already huge network of more than 120 offices.
KFH was established 46 years ago, and is one of the Capital’s leading property services brands with a network of 60 offices.
But in a trading update last month, the company forecasted sales to drop by 20% this year.
Dexters acquired LiFE Residential in October, a multi-national agency specialising in lettings, property management and new home sales.
LiFE Residential has a network of eight offices in London, as well as bases in Singapore and Hong Kong. and currently manages some 5,000 properties in the capital.
The acquisition of LiFE Residential gave Dexters a foothold in Asia.
Earlier this year, Dexters snapped up fellow London agent Marsh & Parsons from LSL Property Services for £29 million making the combined group the biggest estate agent in the Capital.
The deal added 30 offices and over 300 staff to the Dexters portfolio.
Dexters, which was founded in 1993, also announced the opening of nine new offices in south east London, at the beginning of the year.
A spokesperson for Dexters said the firm was unable to comment on the acquisition of KFH.
A KFH spokesperson said: “There is no truth in the story that Dexters is acquiring KFH.”