Foxtons Group has acquired Haslams Estate Agents
Foxtons Group has announced the acquisition of Thames Valley-based Haslams Estate Agents.
The London group has bought the Reading-based form for an initial consideration of £7.6m with with £2.4m deferred depending on performance.
Foxtons has also acquired Watford-based Imagine Property Group for £5m with £1m deferred.
Haslams operates from three branches and is primarily focussed on Reading, with additional coverage of the nearby towns of Wokingham and Crowthorne through its Michael Hardy brand.
Steve Woodford, Haslams Executive Chairman, said: "Having led The Haslams Group for over three decades, it was important to me for our buyer to be a custodian of our business, building on our existing successes and nurturing the exceptional expertise across the Group. Foxtons was the perfect fit and I'm looking forward to seeing how both businesses will excel after combining forces. With the ability to leverage the power of Foxtons' platform, I'm extremely confident the business will go from strength-to-strength."
Haslams' unaudited total revenue and operating profit for the 12 months ended 31 December 2023 was £6.5m.
Foxtons say the acquisitions expand Foxtons' network into the new complementary markets with Reading forecast to become the UK's fastest growing location by 20271.
Imagine operates from 3 branches and is focussed on the commuter town of Watford and its surrounding areas.
Imagine's unaudited total revenue and operating profit for the 12 months ended 31 March 2024 was £3.3m.
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Guy Gittins, Foxtons CEO, 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."