Real estate company Foxtons Group plc (FOXT.L) announced Tuesday the acquisitions of two estate agents, Haslams Estate Agents (Thames Valley) Ltd. and Imagine Property Group Limited.
Both businesses are being bought from private individual shareholders.
Total initial consideration is 12.6 million pounds, with 3.4 million pounds of total deferred consideration contingent on the delivery of performance targets.
Haslams' initial consideration is 7.6 million pounds, with 2.4 million pounds deferred, and Imagine's initial consideration is 5.0 million pounds, with 1.0 million pounds deferred.
Following the delivery of growth initiatives and operating synergies, the businesses are expected to deliver significantly higher levels of profitability. The acquisitions will be accretive to the company's 2025 adjusted earnings per share, with further accretion in 2026 and beyond as the impact of synergies annualise.
The acquisitions are expected to deliver attractive long term returns on capital, and at a level above the Group's weighted average cost of capital.
The company said the acquisitions reflect further progress against its strategy to acquire high quality, earnings accretive, lettings focused businesses, with synergistic growth opportunities which increase the Group's exposure to recurring lettings revenues.
Haslams operates from 3 branches and is primarily focussed on the commuter town of Reading. Haslams' unaudited total revenue and operating profit 2023 was 6.5 million pounds and 0.8 million pounds, respectively.
Imagine operates from 3 branches and is focussed on the commuter town of Watford and its surrounding areas. Imagine's unaudited total revenue and operating profit for the 12 months ended March 31, 2024 was 3.3 million pounds and 0.5 million pounds, respectively.
The acquisitions will be funded using the firm's 30 million pounds revolving credit facility which has the option to be extended to 40 million pounds subject to bank approval.
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