Foxtons has announced the acquisition of Birmingham-based estate agency FleetMilne.
The deal supports the group’s strategy to expand its lettings business and marks its first move into the Birmingham market. The acquisition follows Foxtons’ recent purchase of Cauldwell, which expanded the group’s presence into Milton Keynes.
Foxtons will pay an initial consideration of £3.2m for FleetMilne, with a further £0.8m deferred for 12 months and contingent on performance targets being met. The acquisition will be funded from the group’s existing revolving credit facility.
FleetMilne, an independent lettings-focused estate agency operating in central Birmingham, where lettings account for around 95% of its revenue, reported unaudited revenue of £1.5m and profit before tax of £0.2m for the 12 months to 30 September 2025, before any revenue or cost synergies.
The acquisition aligns with Foxtons’ strategy of acquiring lettings-led businesses. It also extends Foxtons’ operations into Birmingham.
Foxtons said the acquisition is expected to generate growth through operational integration and cost efficiencies. FleetMilne will also serve as Foxtons’ base in Birmingham and support further acquisitions in the region.
The acquisition is expected to be earnings accretive from 2026. Over the medium term, Foxtons is targeting a total return on investment of 20% from its Birmingham operations, in line with its stated return targets.
The directors of FleetMilne will remain with the business following the acquisition to lead its next phase of growth under Foxtons’ ownership.
Guy Gittins, chief executive officer, said: “This is a significant move for Foxtons as we expand outside of the London commuter belt for the first time. Our successful acquisitions in London’s commuter towns have shown how our industry-leading platform can unlock value, making Birmingham – a major market with strong long‑term potential, supported by extensive redevelopment and increasing connectivity with London – a natural next step.
“With the Foxtons operating platform behind it, FleetMilne provides a strong foundation for organic growth and enables further bolt‑on acquisitions as we build scale and deliver attractive returns.
“FleetMilne has built an excellent reputation and is a natural fit for Foxtons as we continue to acquire high‑performing lettings businesses. I look forward to welcoming the FleetMilne team into Foxtons.”
Nicola Fleet-Milne, FleetMilne MD, commented: “Having built FleetMilne over the past 20 years into a leading lettings business in central Birmingham, it was important to find a partner who shared our ambition for the market and our commitment to outstanding service. Foxtons is the right partner for the next stage of our journey, and I am genuinely excited about what we can achieve together.
“Foxtons’ scale, technology and expertise will give us the tools to accelerate our growth in Birmingham and enhance the service we provide to landlords and tenants. I am looking forward to leading the business through this next chapter and unlocking the significant opportunities ahead.”
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