EYE has been told that Dexters has been in talks for weeks with LSL, Marsh & Parsons’ now former parent company.
According to reports in 2011, LSL paid £52m for Marsh & Parsons, but we understand that the value of this latest transaction is around half that amount.
Dexters now has close to 150 offices across London, with 2,000 members of staff serving more than 37,000 landlords and advising on the sale of over £5bn worth of property per year.
The new combined business will have an annual turnover of over £180m and expects to handle over 35,000 property transactions annually.
Dexters will retain the Marsh & Parsons brand name, which is very well renowned in the London market, and over the coming years plan to double the size of the Marsh & Parsons business in line with the ongoing expansion of the estate agency group.
Andy Shepherd, CEO of Dexters, said: “Dexters has acquired Marsh & Parsons because we admire the business which is a well-established London brand with a loyal following of clients and has a very similar culture to dexters wth a focus on providing customers with strong local expertise across the capital. We plan to double the size of Marsh & Parsons, developing a market leader that stands apart from the competition.”
Marsh & Parsons, founded in 1856 and originally led by William Marsh and Frederick Parsons, currently has 30 London offices and over 300 staff. The involvement of the founding families in the business ended in 1956 and since 2011 Marsh & Parsons has been owned by LSL.
Justin King, chairman of Dexters, commented: “The acquisition of Marsh & Parsons is another important step in the ongoing growth of Dexters.
“The Dexters group now has more local offices and a greater presence than any other estate agency in London. Dexters group is the market leader offering an unrivalled personal service to buyers, sellers, landlords and tenants across the capital.”
In February 2021, Dexters announced a partnership and major financial backing from Oakley Capital with a growth strategy of opening further offices and building market share through the acquisition of other competitors, alongside expanding the group’s digital presence and services.
Dexters reports that it was 16% up on new instructions in December 2022 compared to 2021, and applicant registrations were up by 30% over the festive period, making for a busy start to 2023.
Dexters has maintained consistent growth, increasing revenue by 14% per year over the last 10 years.
The company recently announced the opening of nine new offices in south east London located in Blackheath, Brockley, East Dulwich, Honor Oak, Ladywell, Lee, New Cross, Nunhead and Peckham Rye.