Four regional acquisitions to augment growth
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Foxtons Group plc
Four regional Lettings-focused acquisitions to augment growth
23 September 2026 - Foxtons Group plc (LSE: FOXT) ("the Group" or "Foxtons") today announces four acquisitions; Maguire Jackson and Davidson Estates in Birmingham, Warren Anthony in Watford, and a further lettings portfolio in the Reading area (together, the "Acquisitions"). The Acquisitions expand the Group's presence in the strategically important market of Birmingham, and build on the successful platforms established in Watford and Reading over the last two years.
Terms and financial impact
· Initial consideration of £4.8m on a cash free, debt-free basis, with a further £1.2m of deferred and contingent consideration subject to performance. The Acquisitions are funded through the Group's RCF.
· Total unaudited revenue of £3.2m reported across the four acquisitions in their most recent financial years.
· The Acquisitions are expected to be earnings accretive from FY2027 onwards and deliver returns on invested capital in line with the Group's 20% target as synergies are delivered.
· The Group retains headroom within its existing RCF for further acquisitions and remains within its stated leverage target range.
Background and strategic rationale
Foxtons has a strong record of acquiring and integrating high-quality businesses to grow recurring Lettings revenues and deliver attractive returns. The Acquisitions increase scale across Birmingham, Watford, and the Reading area. Supported by the Foxtons Operating Platform, the enlarged businesses are expected to support further organic growth and additional bolt-on acquisitions.
Birmingham
Foxtons entered Birmingham in January 2026 through the acquisition of FleetMilne, establishing a platform in one of the UK's largest residential property markets. The Group has identified Birmingham as an important market with strong long-term potential, supported by extensive redevelopment and increasing connectivity with London. The acquisitions of Maguire Jackson and Davidson Estates, two well-established single-office lettings businesses, increase the Group's scale in Birmingham and demonstrate progress against that strategy.
Maguire Jackson adds scale in central Birmingham, strengthening Foxtons' position and cementing the Group as a leading lettings agent in the market. Established more than 22 years ago, it is one of Birmingham's longer-established specialist city centre residential agents. Davidson Estates is a multi-award-winning business which further expands Foxtons into Edgbaston, one of Birmingham's most established and highest-value residential markets. Later this year, the Group intends to bring its Birmingham operations together under the Foxtons brand, leveraging strong brand awareness to support future organic growth initiatives.
Watford and Reading
In Watford, Warren Anthony will be integrated into Foxtons' Watford platform, formerly Imagine Property Group. Foxtons has now acquired three of the leading independent lettings agents in Watford, creating a market-leading position. In the Reading area, the acquired lettings portfolio will be integrated into the Group's existing network, further strengthening the Group's position in this high value commuter market.
Guy Gittins, Chief Executive Officer, said:
"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."
For further information, please contact:
|
Foxtons Group plc Chris Hough, Chief Financial Officer Muhammad Patel, Investor Relations |
+44 20 7893 6261 |
|
Cardew Group Olivia Rosser / William Baldwin-Charles |
+ 44 7552 864 250 / +44 7834 524 833 |
About
Founded in 1981, Foxtons is London's leading estate agency brand and the UK's largest lettings agency brand. The Group operates from a network of branches in London and complementary, high growth markets, offering a range of residential property services across three business segments: Lettings, Sales and Financial Services.
The Group's strategy to accelerate growth is focused on non-cyclical and recurring revenues from Lettings, supplemented by growth in Sales and Financial Services. This growth is underpinned by its key competitive advantage, the Foxtons Operating Platform, which comprises unrivalled and market-leading technology and data capabilities, its brand, unique hub and spoke model and its performance-led and inclusive culture.
The business has four strategic priorities:
· Lettings organic growth: driving portfolio growth by strengthening customer acquisition and retention, alongside enhancing margins through cross-selling high-value services.
· Lettings acquisitions: acquire, integrate and service high-quality lettings portfolios.
· Sales growth: increasing market share by growing the share of property instructions and improving conversion rates, whilst driving profitability through enhanced productivity.
· Financial Services growth: improving scale and cross-sell to drive revenue growth.
To find out more, please visit www.foxtonsgroup.co.uk
LEI: 5493001HCMG6R1MYKC59
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