Estate agency group Foxtons has made its first acquisition of 2021, buying a lettings-focused London firm.
The FTSE company is paying £14.3m for Douglas & Gordon Estate Agents, which is being bought from members and family trusts of the Talbot Willcox family and former employee shareholders.
Douglas & Gordon was set up in 1958 and today derives two-thirds of its revenue from 2,900 letting tenancies. Foxtons will keep its brand and the existing management team will continue to run the business.
Foxtons chief executive Nic Budden said: “Douglas & Gordon is a business we have long admired and respected… Today’s announcement follows the acquisitions of London Stone, Pillars Estates and Aston Rowe in 2020 and demonstrates our commitment to use the group’s cash resources to acquire well-run businesses that advance our strategy and offer attractive financial returns.”
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