Overview of deal
Foxtons has acquired two estate agents, IMM Properties Ltd, which trades under the name Gordon & Co, and Stones Residential (Stanmore). We are pleased to have provided financial due diligence services along with transaction advisory to support Foxtons on the two transactions.
Who are the firms involved
Foxtons is London’s largest lettings agent with over 1000 staff based across more than 50 interconnected branches. The company used existing cash resources to acquire the two estate agents:
Gordon & Co was acquired for a total consideration of £8.35m from certain private individual shareholders. Founded in 1948, the London based property agent has four main offices in Battersea, Elephant & Castle, Tower Bridge and Norbury and has experience in lettings, valuations and new builds.
Stones Residential (Stanmore) was acquired for a total consideration of £2.2m. Headquartered in north London and founded in 2001, its services include buying, selling, renting and letting homes as well as property management, market appraisals and valuations.
What we liked about this deal and the challenges addressed
Having previously assisted Foxtons with its acquisition of Douglas & Gordon in March 2021, it was a pleasure to work again with Chris Hough (CFO, Foxtons) and Andy Bushell (Director, Foxtons). These two new transactions represent a great opportunity for Foxtons to expand its coverage and reinforce its position as London's largest lettings agent. It has been a tough pandemic for the real estate sector, so we are hopeful that transactions such as these are evidence that the bounce back has well and truly set in.
The Buzzacott Financial Due Diligence team was made up of Alex Judd (Head of Transaction Services) and George Thresh (Senior Manager).