It's a significant development for the London-based agency, says CEO Guy Gittins, signalling the agency's intention to expand nationally.
21st Jan 20260 1,832 1 minute read David Callaghan
Foxtons has acquired a Birmingham lettings agent for £3.2 million in a significant move outside the South East for the first time.
The London-based-agency has been buying agencies in the London commuter belt recently, but this represents the first step outside its traditional area.
Performance targetsIt has now acquired FleetMilne, an independent agency, it announced to the City this morning. Lettings accounts for around 95% of FleetMilne’s revenue.
The initial price is £3.2 million, with a further £0.8 million deferred for 12 months and dependent on performance targets being met.
Foxtons says: “The acquisition builds on the Group’s strategy to grow non‑cyclical, recurring lettings earnings whilst also expanding the Group’s footprint into Birmingham, the UK’s second largest city and a market with significant growth opportunities.”
FleetMilne is a high-quality, independent lettings agent with a leading market share position in central Birmingham.”
“FleetMilne is a high-quality, independent lettings agent with a leading market share position in central Birmingham.”
“The acquisition extends Foxtons’ footprint into Birmingham, the UK’s second largest city.”
Last week, Foxtons announced it announced it had acquired Cauldwell Property Services, a leading independent agent in Milton Keynes.
Significant moveGuy Gittins, CEO at Foxtons (main picture), says: “This is a significant move for Foxtons as we expand outside of the London commuter belt for the first time.
“Our successful acquisitions in London’s commuter towns have shown how our industry-leading platform can unlock value, making Birmingham – a major market with strong long‑term potential, supported by extensive redevelopment and increasing connectivity with London – a natural next step,” he says.
Strong foundation“With the Foxtons Operating Platform behind it, FleetMilne provides a strong foundation for organic growth and enables further bolt‑on acquisitions as we build scale and deliver attractive returns.
“FleetMilne has built an excellent reputation and is a natural fit for Foxtons as we continue to acquire high‑performing lettings businesses. I look forward to welcoming the FleetMilne team into Foxtons.”
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TagsFoxtons guy gittins 21st Jan 20260 1,832 1 minute read David Callaghan Share Facebook X LinkedIn Share via Email
