Foxtons acquires London Stone Properties
South East London sales, lettings and property management specialist London Stone Properties (LSP) has been acquired by Foxtons Group Plc, in a recent deal advised by M&A advisor BCMS.
LSP is an independent company dedicated to South East London, specialising in SE18, Royal Arsenal, SE28 and Kidbrooke areas. With two offices on the Royal Arsenal Development and a 14-person team, LSP offers rental services, property management services and sales.
Julia Stone, founder of LSP, set up the business when she needed a change from her city career: “I fell in love with the Royal Arsenal development and property. I was looking for a change in lifestyle, so I decided it was time to take a chance and set up London Stone Properties. I have been running the business for 16 years, but now it is time to step back and let someone else take over and expand the business further. After seeing first-hand Foxtons’ impressive reach, people and technology, my decision to sell to was simple and I’m left with no doubt that our landlords and tenants will continue to receive the exceptional service they deserve.”
Foxtons opened its first branch in 1981 and now covers over 80% of Greater London with over 50 branches.
Chris Beckwith, Director of Lettings Acquisitions at Foxtons commented: “London Stone has a strong track record in lettings, a reputation for excellent customer service and committed knowledgeable people. It is a business we have long-admired and we are looking forward to welcoming them to the Foxtons Group. London Stone has an attractive lettings book and will give Foxtons a wider presence in the dynamic south-east London market. Growing our lettings business is a strategic focus for the Group and, over the medium term, we hope to find other similar high-quality businesses.”
BCMS advised LSP with legal advice from Freeth LLP.
BCMS Lead Advisor, Jim Whitaker said: “Unsurprisingly, there was significant acquisition interest in LSP, from a range of parties. As a specialist in key postcodes in South East London, LSP is a perfect fit for any agency looking to expand into one of London’s high-growth property areas. With a powerful local brand, a strong blend of rental services, property management services and sales revenues, LSP is a model independent agency. Its focus on customer service makes this business stand out – and the synergy with Foxtons Group is clear to see. We wish all parties all the best for the next phase of growth.”
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