Estate agency group announces it has acquired Cauldwell Property Services, a leading independent agent in Milton Keynes, in Year-End Trading Update.
15th Jan 20260 943 2 minutes read Simon Cairnes
Foxtons has reported “acquisition-led revenue growth” in 2025, as it continues to expand its presence beyond London into “fast-growing” commuter towns.
At the same time, it announced it has acquired Cauldwell Property Services, a leading independent agent in Milton Keynes.
Its unaudited year-end trading update for the 12 months to 31 December 2025 shows the group’s total revenue was c.£172m, up c.5% on £163.9m in 2024, while adjusted operating profit was c.£22m (2024: £22.1m).
Strong lettingsLettings contributed c.64% of group revenue, with “strong margins” delivering earnings stability despite sales market volatility. Lettings revenue increased by c.5%, driven by incremental revenue from acquisitions, with operating margins maintained through a continued focus on higher-margin services such as property management.
Sales revenue also rose by c.5%, with acquisitions offsetting a c.2% like-for-like decline. Foxtons said it delivered a “particularly strong” first quarter ahead of the March stamp duty holiday, before activity slowed, with the second half impacted by a “much-publicised” market slowdown leading up to the Autumn Budget and broader economic uncertainty.
Financial Services revenue increased by c.10%, supported by refinance opportunities and growth in new purchase mortgages, reflecting “operational upgrades” and improved connectivity with the estate agency business.
The group also completed its HQ relocation in 2025 and expects to deliver c.£1.5m annual operating cost savings from January 2026. It also formed an exclusive partnership with IAG Loyalty, making Foxtons the only UK estate agent through which customers can collect Avios.
Despite economic headwinds and fiscal events creating uncertainty in our markets, the Group delivered acquisition-led revenue growth.”
On 7 January 2026, Foxtons completed the acquisition of Cauldwell Property Services for a total enterprise value of £6.5m (cash and debt-free), with £0.8m deferred for 12 months and contingent on performance targets. Cauldwell generated unaudited revenue of £3.1m and operating profit of £0.8m in the 12 months to 30 November 2025, with around two-thirds of revenue from lettings.
Foxtons’ Chief Executive Guy Gittins (pictured) says: “Despite economic headwinds and fiscal events creating uncertainty in our markets, the Group delivered acquisition-led revenue growth and continued to make progress against our strategy.”
With ongoing uncertainty around the economic outlook and buyer confidence in 2026, the Group expects to deliver revenue and profit growth in the year, underpinned by non‑cyclical and recurring Lettings revenue.
You can read the full update here.
TagsFoxtons guy gittins 15th Jan 20260 943 2 minutes read Simon Cairnes Share Facebook X LinkedIn Share via Email