Foxtons in talks to get rival agent Douglas & Gordon | Enterprise News
1 min readThe London-outlined estate agent Foxtons is in talks to purchase its scaled-down rival, Douglas & Gordon, as it eyes takeover bargains in the coronavirus-influenced housing sector.
Sky Information understands that Foxtons is in special negotiations to acquire the privately owned chain, which has about 18 branches in the cash.
A property marketplace resource said the deal was probably to expense Foxtons in the region of £15m, creating it a modest-but-substantial offer by business requirements.
Foxtons has recovered additional robustly than originally anticipated since the start of the COVID-19 disaster, telling traders in December that it was escalating its whole-12 months financial gain forecast.
Final calendar year, it lifted additional than £20m from shareholders in a positioning right after warning of a collapse in revenues.
In the latest weeks, rumours have circulated about a potential private equity bid for Foxtons, whilst it was unclear on Monday irrespective of whether that speculation was credible.
Although its shares keep on being 30% decrease than this time very last 12 months, they are now value far more than double the 31.5p they slumped to previous May well.
Douglas & Gordon, which is spouse and children-owned, is run by James Evans, a former Foxtons executive.
It is understood to have held talks with a selection of parties about a whole or partial sale in modern months.
Neither Foxtons nor Douglas & Gordon could be achieved for remark.