Estate agent Foxtons has acquired Douglas & Gordon Estate Agents Limited and its subsidiary companies.
The business is being bought from Members and Family Trusts of the Talbot Willcox family and a group of former employee shareholders for £14.25m.
Established in 1958, Douglas & Gordon is a high-quality London estate agent with a well-respected brand and large lettings business delivering around 65% of total revenues from 2,900 tenancies. The agent is renowned for its high level of customer service and compliance, strong fee integrity, well-established landlord relationships and similar customer-focused and results-based culture.
Douglas & Gordon will continue to be run as a separate brand and with the existing management team remaining in place.
Foxtons CEO Nic Budden said: “Douglas & Gordon is a business we have long admired and respected. Like us, it is a business with intimate knowledge of the London market and a culture built around delivering results for customers making it an excellent strategic fit. Today’s announcement follows the acquisitions of London Stone, Pillars Estates and Aston Rowe in 2020 and demonstrates our commitment to use the Group’s cash resources to acquire well run businesses that advance our strategy and offer attractive financial returns. We welcome the Douglas & Gordon team to the Foxtons Group and look forward to working with them to deliver for all of our customers.”
Douglas & Gordon CEO James Evans added: “We’re really pleased with the deal, and have great admiration for Foxtons as a business, brand and competitor. Our offer is complementary to theirs and we know that with their backing, the Douglas & Gordon business can go from strength to strength. We really look forward to working together to better serve buyers, sellers, landlords and tenants.”