Foxtons buys two commuter town estate agents for £12.6m

29th Oct 2024 08:16

(Sharecast News) - Foxtons said on Tuesday that it has bought two commuter town estate agents - Haslams and Imagine - for £12.6m.

Haslams operates from three branches and is mainly focused on Reading, with additional coverage of the nearby towns of Wokingham and Crowthorne through its Michael Hardy brand.

Imagine also operates from three branches and is focussed on Watford and its surrounding areas.

Both businesses are being bought from private individual shareholders.

Foxtons said the acquisitions will be accretive to the group's 2025 adjusted earnings per share, with further accretion in 2026 and beyond as the impact of synergies annualise.

Chief executive Guy Gittins said: "Our latest acquisitions add to our strong track record of identifying, acquiring, and integrating high quality lettings businesses to deliver attractive returns and are a key part of our strategy to deliver £25-30m adjusted operating profit in the medium term.

"We are delighted to have completed the acquisitions of Haslams and Imagine as we continue to pursue acquisitive lettings growth, to supplement our organic growth strategies. We have been impressed with the quality of both businesses which hold established leadership positions in their local markets and have built long-standing client relationships over many years, making them a great fit with Foxtons.

"Reading and Watford are new markets for Foxtons and reflects our confidence that the Foxtons Operating Platform, and in particular our technology, data and reach can unlock new growth opportunities in these new markets."

At 1015 GMT, the shares were up 1% at 59.60p.