Foxtons has stepped up its expansion into commuter towns with its second agency acquisition in Watford.

It has added around 600 lettings to its books by buying independent agency Marshall Vizard, and now has over 31,000 tenancies.

Foxtons made surprise acquisitions for £12.6 million last October when it picked up three-branch Imagine Property Group in Watford, and Haslams in Reading, another agency with three branches.

Rapid integration

Foxtons says “the rapid integration of Imagine Property Group to create a new Watford hub has enabled this further acquisition [of Marshall Vizard]”.

The group announced the ‘bolt-on’ acquisition of Marshall Vizard at the same time as it released full-year results for 2024 yesterday.

It reported profit before tax up 121% to £17.5 million, and group revenue up 11% to £163.9 million.

The London agency said there was growth delivered in each area of its business, with lettings revenue up 5%, and sales jumping 31% “driven by double-digit market share gains”.

This acquisition is another important step in our strategy to expand our footprint in key commuter towns.”

Guy Gittins, CEO at Foxtons, says: “I am delighted to announce the acquisition of Marshall Vizard alongside our strong financial results today.

“This acquisition is another important step in our strategy to expand our footprint in key commuter towns, strengthening our position in high-demand rental markets,” he says.

“Watford represents a strong rental market with significant demand, and this acquisition enables us to enhance our service offering while leveraging our expertise, technology, and scale to unlock further growth opportunities.”

Last year, Gittins told The Neg he would like to see 500-600 Foxtons offices covering all regions.

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