Foxtons buys four lettings businesses as it pushes beyond London

# What happened Foxtons has completed four lettings-focused acquisitions as part of a planned expansion beyond London. The deals add two established Birmingham lettings businesses — Maguire Jackson and Davidson Estates — plus Warren Anthony in Watford and a lettings portfolio in the Reading area.

# Deal terms and scale Foxtons will pay an initial £4.8m for the four businesses. Up to £1.2m of deferred and contingent consideration could bring the total to £6m if performance conditions are met. Together, the acquired firms recorded unaudited revenue of £3.2m in their most recent financial years.

# Strategic rationale The purchases extend Foxtons' lettings footprint outside London and build recurring lettings revenue. Birmingham is highlighted as a priority market: Foxtons established a Birmingham presence in January 2026 by acquiring FleetMilne and intends to combine its Birmingham operations under the Foxtons brand later this year. The Maguire Jackson deal adds a city-centre lettings operation and Davidson Estates expands reach into Edgbaston.

In Watford and Reading the acquisitions complement earlier buys. Warren Anthony will join Foxtons' Watford operation (formerly Imagine Property Group), marking the third independent lettings agency acquired in Watford. The Reading lettings portfolio will join existing operations where Foxtons previously acquired Haslams.

# Funding, integration and returns

# Management comment and outlook Chief executive Guy Gittins framed the transactions as progress in building scale in Birmingham and strengthening existing operations in Watford and Reading. He reiterated that Foxtons sees many acquisition opportunities and will keep focusing on high-quality, lettings-focused businesses that strengthen existing operations and deliver recurring lettings revenues.

# Immediate implications

• Foxtons rapidly enlarges its managed lettings footprint in three regional markets.
• Consolidation in local lettings markets continues, particularly in Watford and Reading where Foxtons has made prior acquisitions.

# What to watch next

• How quickly Foxtons integrates the new businesses and transfers operations onto its systems and brand, especially in Birmingham.
• Whether the deferred consideration targets are met and how that affects total cash paid.
• Additional acquisitions announced, and the company's ability to maintain acquisition discipline while delivering the targeted returns.