Acquisition expected to further strengthen its lettings offering
Foxtons Group, London’s largest lettings agent, has announced its acquisition of independent estate agency Ludlow Thompson to further enhance its lettings offering.
The £10-million deal will be funded through the group’s existing cash resources and existing £20 million revolving credit facility.
In 2022, Ludlow Thompson generated revenues of £7.3 million, of which around 70% were focused on lettings. Established in 1993, the firm offers a range of services, including residential sales and lettings, property management, and buy-to-let services.
“We are delighted to have completed our acquisition of Ludlow Thompson,” commented Guy Gittins (pictured), chief executive at Foxtons. “Having established a leading position in its local markets and a reputation for delivering the best results for customers, it is clearly a business which we believe is a perfect fit for Foxtons.
“The acquisition reflects continued progress against our acquisition strategy and our focus on growing recurring lettings revenues, and further supports the delivery of our £25 million to £30 million operating profit ambition in the medium term.”
Stephen Ludlow and David Thompson, co-founders of Ludlow Thompson, said Foxtons was a natural fit for the business, with its processes, culture, and market positioning having been based on the Foxtons model.
“Having founded the business 30 years ago, taking the decision to sell the business was a major milestone for us, our colleagues, and our clients,” they jointly stated. “As we retire from the business, we would like to thank all our customers for their long-term support along with our colleagues for many years of loyal service and look forward to seeing the new and exciting opportunities that ownership under Foxtons will bring.”
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