Foxtons has acquired Atkinson McLeod, a lettings agency in East London, for £7.4m.

The move is part of Foxtons’ strategy to expand its business further across the capital, which it revealed at the beginning of the year.

Foxtons is planning to buy up smaller agencies in London in a drive to generate more lets on its books.

The agency’s CEO Guy Gittins said in January boosting the number of lets was a top priority.

Grow portfolio

Gittins, said this morning: “The acquisition of Atkinson McLeod will grow our lettings portfolio, further build on our successful acquisition track record and reinforce our position as London’s largest letting agent.

“The acquisition will add c.1,100 tenancies and annualised revenues of around £3 million, demonstrating further progress with our acquisition strategy.

“The acquisition will add c.1,100 tenancies and annualised revenues of around £3 million, demonstrating further progress with our acquisition strategy.

“Since 2019, we have acquired seven lettings portfolios, growing our own portfolio by 38%, which now stands at more than 27,500 tenancies. We greatly look forward to welcoming the Atkinson McLeod team to the Foxtons Group.”

Giles Atkinson, Atkinson McLeod Co-founder (fourth from right, main pic), says: “With its strong service ethos and high-performance culture, Foxtons is a natural fit for our business, our colleagues and customers alike.

“After a straightforward and smooth sales process, it is exciting to be joining such a well-respected and admired group that is focused on delivering best in class service for customers.”

Group revenue for Foxtons was ahead of market expectations at around £140m (up 11% year-on-year) while adjusted operating profit was also up, Foxtons revealed in a recent trading update, before full-year results are released tomorrow.

Atkinson McLeod has four branches in East London.