Foxtons to buy Atkinson McLeod for £7.4m

Estate agent Foxtons said on Monday that it has agreed to buy Atkinson McLeod for £7.4m.

Atkinson operates in Central East London across four branches, with a lettings business that generates around 90% of its revenues across approximately 1,100 tenancies, Foxtons said. The business is being bought from certain private individual shareholders.

The deal is expected to be earnings accretive this year, and through the delivery of synergies, post-completion profitability will be enhanced from historical levels, Foxtons said.

Chief executive Guy Gittins said: "The acquisition of Atkinson McLeod will grow our lettings portfolio, further build on our successful acquisition track record and reinforce our position as London's largest letting agent.

"The acquisition will add circa 1,100 tenancies and annualised revenues of around £3m, demonstrating further progress with our acquisition strategy. Since 2019, we have acquired seven lettings portfolios, growing our own portfolio by 38%, which now stands at more than 27,500 tenancies."