LONDON: Foxtons Group plc, the London-listed real estate agency, announced Wednesday it has acquired four lettings businesses, deepening its push into Birmingham and reinforcing existing operations in Watford and Reading.

The company said it bought Maguire Jackson and Davidson Estates in Birmingham, Warren Anthony in Watford, and a separate lettings portfolio in the Reading area. Foxtons is paying an initial £4.8 million for the businesses on a cash-free, debt-free basis, with up to an additional £1.2 million in deferred and contingent payments tied to performance. The deals are being financed through the company’s revolving credit facility.

The four businesses generated a combined £3.2 million in unaudited revenue in their most recent financial years, according to Foxtons. The company said the acquisitions are expected to become earnings accretive starting in fiscal year 2027 and to eventually deliver returns on invested capital in line with its 20% target once synergies are realized. Foxtons said it still has room within its credit facility for further deals and remains within its target leverage range.

The purchases build on Foxtons’ entry into Birmingham in January 2026, when it acquired FleetMilne to establish a foothold in the city. The company has identified Birmingham, the United Kingdom’s second-largest city, as a priority market, citing ongoing redevelopment and improving transport links to London.

Maguire Jackson, founded more than 22 years ago, is a longtime lettings agent focused on Birmingham’s city center. Davidson Estates, which has won multiple industry awards, extends Foxtons’ reach into Edgbaston, one of the city’s more established and higher-value residential areas. Foxtons said it plans to bring its Birmingham operations under a single Foxtons brand later this year.

In Watford, Warren Anthony will be folded into the platform Foxtons built around its earlier acquisition of Imagine Property Group, giving the company three of the area’s leading independent lettings agents. In Reading, the newly acquired portfolio will be merged into Foxtons’ existing network in what the company described as a high-value commuter market.

Guy Gittins, Foxtons’ chief executive, said the Birmingham acquisitions reflect progress in building scale in a city he described as having strong long-term fundamentals, a growing economy and a resilient rental market. He said the company would unify its Birmingham operations under the Foxtons brand later this year as part of its broader expansion outside London.

Gittins added that the Watford and Reading deals build on the earlier integrations of Imagine Property Group and Haslams, which he said continue to perform well. He said Foxtons continues to see a healthy pipeline of acquisition targets and remains focused on lettings-focused businesses that can boost recurring revenue and shareholder returns.