Dexters has added a new estate agency to its fast-expanding network, with a deal that strengthens its position in east London.
Dexters, which now operates more than 150 offices across London, has completed a deal for ea2, an independent estate agency operating for almost 25 years within the City and Docklands.
The company’s office in West Wapping is Dexters’ third branch in the area, but continues to operate as ea2, rather than rebrand, with no information on the estate agency’s website announcing that the estate agency is now under new ownership, despite the deal completing two months ago.
“Dexters are happy with the existing branding,” said Barry Yates, who along with his business partner, Matthew Melbye, sold ea2 to Dexters. “ea2 is well-established brand in Wapping and Dexters have no plans to change the name.”
Yates informs EYE that he is staying on with ea2 under the new ownership structure as a consultant, while Melbye has opted to take a break from the industry. All staff members have transferred to Dexters following the acquisition.
“I am very very happy with the change. This is a new venture for me personally, as I launched the company [with Melbye] 25 years ago.”
The pair met while working together at Cornerstone in Leytonstone, and later decided to launch ea2.
So why did they decide to sell the estate agency to Dexters?
“Quite simply, they made us an offer we couldn’t refuse,” Yates explained. “We had been thinking about selling the business, and so their offer came at the right time.”
Dexters approached ea2 last year, and now have three branches in Wapping, including one opposite the local train station.
“I don’t know if Dexters plan to buy anymore estate agents in the area, but the chances are anyone walking into an estate agency in Wapping are probably now dealing with Dexters,” Yates added.
Andy Shepherd, CEO of Dexters, told EYE: “This exciting partnership with ea2 will strengthen our market presence in east London and underlines our ongoing expansion across the capital . The talented team have excellent local market knowledge and we very much look forward to working together.”