Foxtons has snapped up a lettings agency in suburban London.
It’s bought London Stone Properties Limited and its subsidiary company London Stone Property Sales Limited from its owner and founder Hilary Stone, for £2.2m.
London Stone is primarily focussed on lettings and property management and is based in Woolwich.
A statement from Foxtons says the acquisition “will fit well with our existing business model and branch network due to the high level of customer service and strong growth in landlords that London Stone has demonstrated over a number of years.”
The cash consideration is £2.2m, funded from Foxtons reserves; it’s on a cash and debt free basis, of which £0.2m is deferred for a period of 12 months.
London Stone's unaudited revenue and profit before tax for 2019 was £1.5m and £0.7m respectively. Gross assets at the end of December 2019 were £4.3m.
“The directors believe that the acquisition will be earnings-enhancing from 2020” says the Foxtons statement.