Foxtons has acquired London-based agent London Stone Properties and its subsidiary company London Stone Property Sales for £2.2m.
London Stone, which focuses on lettings and property management in Woolwich, was sold by owner and founder Hilary Stone.
The £2.2m cash consideration for the company is being funded by Foxtons’ existing cash resources and £200,000 of this has been deferred for 12 months.
London Stone’s unaudited revenue for 2019 was £1.5m and its profit before tax was £700,000. Gross assets at the end of December 2019 were £4.3m.
Foxtons said the acquisition will “fit well with our existing business model and branch network due to the high level of customer service and strong growth in landlords that London Stone has demonstrated over a number of years”.
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