Fast growing agent independent Dexers has achieved record sales of £100m.
The firm, which has outlets across Greater London and Surrey, says it is forecasting turnover for this calendar year of £103.5m, up from £88.9m last year.
For its financial year to the end of September, the firm expects to report a little under £100m turnover, with pre-tax profits likely to be around £8m.
The figures compare with those of Foxtons, which reported revenue of £111.5m in 2018 but with a loss of £17.2mm. Dexters’ revenue also compares with Purplebricks UK revenue for last year, of £90.1m.
Dexters, founded by Jeff Doble in 1993, has bought a number of businesses, including Jackson-Stops in London and Surrey earlier this year, and three-branch London agency Frank Harris.
Dexters now has over 70 offices in its network, including 35 in central London.
Yesterday, after months of rumours, Dexters announced a “partnership” with well known Mayfair firm Wetherell, founded by Peter Wetherell in 1982.
The two firms will work together, with Wetherell keeping its name but rapidly expanding its lettings and property management business.
Peter Wetherell will continue to run his eponymous firm and also joins the Dexters prime central London board as its new chairman.
Wetherell said: “As an independent estate agency specialising in Mayfair for the last 37 years, I have been seeking a partnership that will provide clients with a wider London-wide branch network and staff resource to tap into.
“Dexters is the perfect choice. The partnership will allow me to strengthen and grow the business over the coming years.”
Doble told EYE yesterday: “We continue to make great progress in the market regardless of the distractions.
“We are ending the calendar year with a pipeline of business that is 40% up on last year – and we’re tremendously excited about that.”