Foxtons Group PLC Acquisition (5773E)
March 02 2020 - 2:00AM
UK Regulatory
TIDMFOXT
RNS Number : 5773E
Foxtons Group PLC
02 March 2020
FOXTONS GROUP PLC (the "Company" or "Foxtons")
ACQUISITION
Monday 2 March 2020
Foxtons Group plc (LSE: FOXT), London's leading estate agency,
is pleased to announce the acquisition of the entire issued share
capital of London Stone Properties Limited and its subsidiary
company London Stone Property Sales Limited from its owner and
founder Hilary Stone. London Stone is a well-established, high
quality independent estate agent, primarily focussed on lettings
and property management based in Woolwich, London. The Directors
believe the acquisition will fit well with our existing business
model and branch network due to the high level of customer service
and strong growth in landlords that London Stone has demonstrated
over a number of years.
The cash consideration for London Stone is GBP2.2m, on a cash
and debt free basis, of which GBP0.2m is deferred for a period of
12 months. The cash consideration is being funded by Foxtons'
existing cash resources.
London Stone's unaudited revenue and profit before tax for 2019
was GBP1.5m and GBP0.7m respectively. Gross assets at the end of
December 2019 were GBP4.3m.
The Directors believe that the acquisition will be earnings
enhancing from 2020.
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
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Teneo
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Robert Morgan / Anthony Di Natale +44 20 7420 3194
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