LONDON: Foxtons Group, London’s leading estate agency, has announced the acquisition of the entire issued share capital of London Stone Properties Limited and its subsidiary company London Stone Property Sales Limited from its owner and founder Hilary Stone.
London Stone is a well-established, high quality independent estate agent, primarily focussed on lettings and property management based in Woolwich, London.
Directors believe 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 for London Stone is £2.2 million, on a cash and debt free basis, of which £0.2 million is deferred for a period of 12 months. The cash consideration is being funded by Foxtons’ existing cash resources.
London Stone’s unaudited revenue and profit before tax for 2019 was £1.5 million and £0.7 million respectively. Gross assets at the end of December 2019 were £4.3 million.
The Directors believe that the acquisition will be earnings enhancing from 2020.