Foxtons swoops for Atkinson McLeod in latest lettings deal

Foxtons Group, the listed estate agency chain, is snapping up a London-based rival as it continues its assault on the capital's lettings market.

Sky News understands that Foxtons, known for its distinctly liveried vans, has agreed a deal to buy Atkinson McLeod.

The deal, which is understood to be valued at less than £10m, is expected to be announced to the London stock market on Monday.

Atkinson McLeod was founded in 2002 by Giles Anderson and Dan McLeod, and has offices in a handful of London locations including Canary Wharf, Kennington and Wapping.

Its takeover by Foxtons will be the latest in a string of acquisitions by the London-listed chain.

Foxtons is due to announce full-year results this week, with new chief executive Guy Gittins expected to announce the outcome of an operational review of the business.

The former boss of rival Chestertons, Mr Gittins was appointed last year amid pressure on Foxtons' board from a number of activist investors.

Its shares have recovered some ground in the last year, rising by nearly 25%, but at 40p they remain a far cry from its 267p-a-share flotation price a decade ago.

The company now has a market value of just over £120m.

A spokesman for Foxtons declined to comment.