6th Mar 2023 08:24
Foxtons Group PLC - London-based estate agent - Confirms the acquisition of Atkinson McLeod for GBP7.4 million, to be funded from existing cash reserves. Atkinson McLeod is an estate agent operating in central and east London with four branches, bringing in around 90% of its revenue from around 1,100 tenancies. The acquisition is part of Foxton's strategy to acquire lettings businesses "that deliver an attractive return on invested capital, enhance earnings and improve the resilience of the group's earnings", as well as strengthening its lettings brand. The acquisition is expected to be accretive to earnings this year, it says. Atkinson McLeod booked operating profit of GBP900,000 on revenue of GBP3.1 million in the financial year that ended March 31, 2022. Foxtons reports its own 2022 earnings on Tuesday. Monday's announcement confirms a report by Sky News on Sunday.
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By Tom Waite, Alliance News editor
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