ondon estate agency chain Foxtons has purchased the Douglas & Gordon chain in a £14 million offer, it mentioned on Tuesday.
Foxtons, known for its fleet of Mini Coopers, stated the buy is in line with its method of “acquiring substantial excellent businesses with solid lettings books”.
Douglas & Gordon was established in 1958 and has a substantial lettings small business. The deal will see Foxtons choose ownership of the enterprise, together with all the company’s 200 potent crew and functions, alongside with its 19 branches.
Foxtons’ chief govt Nic Budden stated the corporation it has bought has “intimate knowledge of the London market and a society crafted about providing outcomes for clients making it an superb strategic fit”.
Douglas & Gordon will continue on to be run as a different manufacturer and with the existing administration group remaining in put.
The offer comprises £14.3 million on a dollars and debt totally free basis, and the corporation is currently being acquired from users and family members trusts of the Talbot Willcox spouse and children and a group of previous worker shareholders.