Foxtons to buy Atkinson McLeod for £7.4m
Sharecast
Published Mar 06, 2023 08:15
Updated Mar 06, 2023 08:43
Foxtons to buy Atkinson McLeod for £7.4m
Sharecast - Atkinson operates in Central East London across four branches, with a lettings business that generates around 90% of its revenues across approximately 1,100 tenancies, Foxtons said. The business is being bought from certain private individual shareholders.
The deal is expected to be earnings accretive this year, and through the delivery of synergies, post-completion profitability will be enhanced from historical levels, Foxtons said.
Chief executive Guy Gittins said: "The acquisition of Atkinson McLeod will grow our lettings portfolio, further build on our successful acquisition track record and reinforce our position as London's largest letting agent.
"The acquisition will add circa 1,100 tenancies and annualised revenues of around £3m, demonstrating further progress with our acquisition strategy. Since 2019, we have acquired seven lettings portfolios, growing our own portfolio by 38%, which now stands at more than 27,500 tenancies."
Read more on Sharecast.com
Get The App
Written By: Sharecast
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.