Foxtons shareholders are today expected to vote in favour of disposing of the Douglas & Gordon sales business to James Evans, a director of Douglas & Gordon Limited.

Foxtons announced last month that it was selling the sales business of Douglas & Gordon to its current chief executive officer for a nominal consideration less than a year after buying it for £15.5m.

As Evans is a related party of Foxtons, the disposal is conditional upon the approval by shareholders at a General Meeting, which will take place at 10am today.

Foxtons will still integrate the D&G lettings business into the Foxtons network.

Foxtons explained that while the D&G sales business has grown since acquisition, it contributed an operating loss of around £1.9m to the group in 2021.

Foxtons’ chief executive officer Nic Budden said: “D&G has performed extremely well over the last ten months under Foxtons ownership and this next step is a real win-win for both parties to the transaction.

“We have an excellent track record of acquiring and integrating lettings businesses and expect to deliver significant growth in operating profit through the integration of the D&G lettings business into Foxtons highly scalable infrastructure.

“The D&G sales business will remain as an independent brand under its current leadership and we wish them well for the future.”

Foxtons sells D&G: An ‘unbelievably good deal’ for CEO James Evans, says Russell Quirk