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Sparks commentary - Foxtons Group

Financials

Sparks - Foxtons Group

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Foxtons (LSE: FOXT) acquires two commuter town estate agents for £12.6m
Published by Andy Murphy

Foxtons has completed the purchases of Haslams Estate Agents in Reading and the Imagine property Group in Watford for a total consideration of £12.6m. Both businesses are c 60% exposed to recurring lettings revenue with the former bringing three branches and a book of c 1,700 tenancies, while the latter comes with three branches and a book of c 1,200 tenancies, which in total adds c 10% to Foxtons’ total portfolio of tenancies. Both acquisitions are expected to be significantly more profitable once integrated into Foxtons and will be enhancing to earnings in FY25 and FY26 as synergies annualise.

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