The majority owner of Dexters is exploring a potential sale that could value the London-based estate agency group at more than £500m, according to Sky News.

In its report, Sky claims Dexters’ private equity owner, Oakley Capital, is in discussions with Barclays about a potential sale of the business. It says the bank is being lined up to advise on the process, although it adds it is unclear whether it has been formally mandated. The discussions are said to be at an early stage, with no decisions yet taken on timing or structure.

Founded in 1993 by Jeff Doble, Dexters operates a large London-based estate agency network, including around 40 offices in Central London. It is led by Chief Executive Ash Kashyap (pictured) and chaired by former Sainsbury’s boss Justin King.

High-profile acquisitions

Oakley Capital acquired a majority stake in Dexters in 2021 (around 60%), investing a reported £130m to support its expansion. Since then, the group has made a series of high-profile acquisitions, including Marsh & Parsons and LiFE Residential, which have significantly increased its footprint in the Capital.

In its latest set of accounts (year ending 30 September 2024), Dexters reports underlying operating profit of more than £47m, up from just over £40m the previous year. Revenue rose to nearly £222m, with lettings accounting for close to two-thirds of total turnover.

Banking sources told the news channel that a valuation of between £500m and £600m was considered realistic.

The news comes just a few months after LRG, one of the UK’s largest estate agency groups, was reported to have hired Rothschild to explore its options for a potential £800m sale.

Oakley Capital has previously backed a number of prominent UK businesses, including Time Out and Thomas’s London Day Schools.

When approached by The Neg, Dexters declined to comment.