Yahoo Finance Foxtons expands with purchase of London estate agency business Douglas & Gordon
Foxtons is expanding in London
(Mary Turner/Getty Images)London estate agency chain Foxtons has bought the Douglas & Gordon chain in a £14 million deal, it said on Tuesday.
Foxtons, known for its fleet of Mini Coopers, said the purchase is in line with its strategy of “acquiring high quality businesses with strong lettings books”.
Douglas & Gordon was established in 1958 and has a large lettings business. The deal will see Foxtons take ownership of the business, including all the company’s 200 strong team and operations, along with its 19 branches.
Foxtons’ chief executive Nic Budden said the company it has bought has “intimate knowledge of the London market and a culture built around delivering results for customers making it an excellent strategic fit”.
Douglas & Gordon will continue to be run as a separate brand and with the existing management team remaining in place.
The deal comprises £14.3 million on a cash and debt free basis, and the company is being bought from members and family trusts of the Talbot Willcox family and a group of former employee shareholders.
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