Foxtons Group PLC Acquisition (3032G)
November 24 2020 - 2:29AM
UK Regulatory
TIDMFOXT
RNS Number : 3032G
Foxtons Group PLC
24 November 2020
FOXTONS GROUP PLC (the "Company" or "Foxtons")
ACQUISITION
Tuesday 24 November 2020
Foxtons Group plc (LSE: FOXT), London's leading estate agency,
is pleased to announce the acquisition of the entire issued share
capital of Aston Rowe Holdings Limited and its subsidiary Aston
Rowe Limited (together "Aston Rowe").
Aston Rowe is a high quality independent estate agent operating
primarily in Acton and Brook Green. Through the transaction,
Foxtons will acquire Aston Rowe's lettings book comprising 689
tenancies, property management services and all 10 lettings
employees. The existing Aston Rowe sales business does not form
part of the transaction and will continue to be run by the existing
owners, who will also retain the trading premises and the Aston
Rowe name.
The Directors believe the lettings book will fit well with our
existing business model and branch network due to the high level of
customer service and strong growth record. It is expected that this
transaction will be earnings enhancing in 2021.
The cash consideration for Aston Rowe is GBP2.2m, on a cash and
debt free basis, of which GBP0.2m is deferred for a period of 6
months. The consideration is being funded by Foxtons' existing cash
resources. The acquired Lettings business had unaudited revenue and
profit before tax for the 12 months ending 31 August 2020 of
GBP1.1m and GBP0.5m respectively. Gross assets at 31 August 2020
were GBP2.0m.
The implementation of our strategy to acquire well run lettings
businesses with a strong local presence continues to gather
momentum. Taking into account the earlier acquisitions made in
2020, Foxtons has now acquired a total of 1,600 tenancies, with
historical annual revenues of GBP2.8m for a total consideration of
GBP4.6m.
For further information, please contact:
Foxtons Group plc
Richard Harris, Chief Financial +44 20 7893 6261 investor@foxtonsgroup.co.uk
Officer
Muhammad Patel, Investor Relations
=============================================
Sanctuary Counsel
=============================================
Robert Morgan +44 7557 413 275
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