Foxtons has completed four lettings-focused acquisitions as it continues to expand outside London, with Birmingham a key target for further growth.
The group has acquired Maguire Jackson and Davidson Estates in Birmingham, Warren Anthony in Watford and a lettings portfolio in the Reading area.
Foxtons will pay an initial £4.8m for the four acquisitions. A further £1.2m of deferred and contingent consideration could take the total to £6m, subject to performance.
Together, the acquired businesses generated unaudited revenue of £3.2m in their most recent financial years.
Foxtons said it retains funding capacity for further acquisitions and continues to look for lettings businesses that can be added to its existing operations.
Foxtons builds Birmingham presence
The two Birmingham deals significantly expand Foxtons’ presence in the city just eight months after it entered the market.
Foxtons established its Birmingham operation through the acquisition of FleetMilne in January 2026.
Maguire Jackson, which has operated for more than 22 years, adds a city-centre lettings operation. Davidson Estates extends the group’s reach into Edgbaston.
Foxtons plans to bring its Birmingham operations together under the Foxtons brand later this year.
Chief executive Guy Gittins said: “We entered the strategically important Birmingham market earlier this year, establishing a foothold in the UK’s second largest city and creating a hub from which to grow across the wider region.
“The acquisitions of Maguire Jackson and Davidson Estates demonstrate the progress we are making to build scale in Birmingham.”
Further deals in Watford and Reading
Foxtons is also adding to businesses it previously acquired in Watford and Reading.
Warren Anthony will become part of its Watford operation, formerly Imagine Property Group.
The latest deal means Foxtons has now acquired three independent lettings agencies in the Watford market.
Meanwhile, the Reading portfolio will join its existing operation in the area, where Foxtons previously acquired Haslams.
Gittins said: “Our acquisitions model is delivering elsewhere too: two further acquisitions in Watford and the Reading area build on the successful integrations of the Imagine Property Group and Haslams over the past couple of years.”
More acquisitions on the agenda
Foxtons expects the four acquisitions to add to earnings from 2027. The company is targeting a 20% return on invested capital once planned synergies have been delivered.
The deals are being funded through the group’s revolving credit facility.
Gittins indicated that further deals are likely to remain part of Foxtons’ growth strategy.
“We continue to see a strong level of acquisition opportunities and remain focused on high-quality, lettings-focused businesses that strengthen our existing operations, grow recurring Lettings revenues and deliver attractive returns for shareholders,” he said.
