Foxtons unveils four regional acquisitions as it spreads beyond London
The estate agency giant remains focused on finding high-quality lettings businesses, says chief executive Guy Gittins.
Foxtons has boosted its presence outside of London with four acquisitions revealed this morning.
The estate agency brand has acquired Maguire Jackson and Davidson Estates in Birmingham, Warren Anthony in Watford, and a further lettings portfolio in the Reading area.
The initial valuation of the deal is £4.8 million, with a further £1.2 million deferred and linked to performance.
The acquisitions are expected to be “earnings accretive” from full-year 2027 onwards, Foxtons said.
We continue to see a strong level of acquisition opportunities and remain focused on high-quality, lettings-focused businesses that strengthen our existing operations.”
A stock market update from Foxtons said it retains headroom for further acquisitions.
Later this year, Foxtons said it intends to bring its Birmingham operations together under the Foxtons brand, leveraging strong brand awareness to support future organic growth initiatives.
In Watford, Warren Anthony will be integrated into Foxtons’ Watford platform, formerly Imagine Property Group.
Strategic importance
Guy Gittins (pictured), Chief Executive Officer, says: “We entered the strategically important Birmingham market earlier this year, establishing a foothold in the UK’s second largest city and creating a hub from which to grow across the wider region. 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. Our brand and industry-leading operating platform have been key drivers of growth, and we see a significant opportunity to build further scale in the region.
“Our acquisitions model is delivering elsewhere too. Two further acquisitions in Watford and the Reading area build on the successful integrations of the Imagine Property Group and Haslams over the past couple of years, both of which continue to deliver strong returns.
“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.”
