REG - Foxtons Group PLC - Acquisition of Birmingham-based FleetMilne

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RNS Number : 6752P  Foxtons Group PLC  21 January 2026

Foxtons Group plc

Acquisition of Birmingham-based FleetMilne

 

21 January 2026 - Foxtons Group plc (LSE: FOXT) ("the Group" or "Foxtons")
 today announces the acquisition of FleetMilne (Birmingham) Limited
("FleetMilne" or "the acquisition"). 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.

 

Background and strategic rationale

·      FleetMilne is a high-quality, independent lettings agent with a
leading market share position in central Birmingham.

·      The acquisition delivers further progress against the Group's
strategy to acquire high-quality, earnings-accretive, lettings-focused
businesses. Lettings accounts for c.95% of FleetMilne revenue.

·      The acquisition extends Foxtons' footprint into Birmingham, the
UK's second largest city. Central Birmingham has undergone substantial
redevelopment, with significant levels of New Homes and Build-to-Rent
developments expected to be delivered over the medium-term. Connectivity with
London continues to strengthen, with acceleration expected following the
opening of the HS2 rail connection.

·      Supported by the industry-leading Foxtons Operating Platform, the
acquisition is expected to deliver organic growth through revenue and cost
synergies. In addition, FleetMilne will become Foxtons' hub in Birmingham and
enable high ROI bolt-on acquisitions.

 

Acquisition terms and financial impact

·      Initial consideration of £3.2m, with a further £0.8m deferred
for 12 months and contingent on performance targets being met(1). The
acquisition is funded from the Group's existing revolving credit facility.

·      FleetMilne's unaudited total revenue and profit before tax for
the 12 months ended 30 September 2025 was £1.5m and £0.2m respectively,
before the delivery of any revenue or cost synergies.

·      The acquisition is expected to be accretive to the Group's
earnings from 2026 onwards. Over the medium-term the Group is targeting a
total return on investment of 20% in Birmingham, in line with its disciplined
return targets.

·      The directors of FleetMilne will remain with the business
post-acquisition to lead the next stage of growth under Foxtons' ownership.

 

Guy Gittins, Chief Executive Officer, said:

"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.

 

"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."

 

Nicola Fleet-Milne, FleetMilne Managing Director, said:

"Having built FleetMilne over the past 20 years into a leading lettings
business in central Birmingham, it was important to find a partner who shared
our ambition for the market and our commitment to outstanding service. Foxtons
is the right partner for the next stage of our journey, and I am genuinely
excited about what we can achieve together.

 

"Foxtons' scale, technology and expertise will give us the tools to accelerate
our growth in Birmingham and enhance the service we provide to landlords and
tenants. I am looking forward to leading the business through this next
chapter and unlocking the significant opportunities ahead."

 

 

 

For further information, please contact:

 

 Foxtons Group plc

 Chris Hough, Chief Financial Officer      investor@foxtonsgroup.co.uk (mailto:investor@foxtonsgroup.co.uk)

 Muhammad Patel, Investor Relations        +44 20 7893 6261

 Cardew Group                              Foxtons@cardewgroup.com (mailto:Foxtons@cardewgroup.com)

 Olivia Rosser / William Baldwin-Charles   + 44 7552 864 250 / +44 7834 524 833

 

( )

(1) Up to £0.5m of further contingent consideration may be payable, subject
to the successful delivery of new recurring revenues from specified
Build-to-Rent developments.

About

Founded in 1981, Foxtons is London's leading estate agency and largest
lettings agency brand, with a portfolio of over 32,000 tenancies. The Group
operates from a network of interconnected branches in London and surrounding
high growth commuter towns, offering a range of residential property services
across three business segments: Lettings, Sales and Financial Services.

 

The Group's strategy to accelerate growth is focused on non-cyclical and
recurring revenues from Lettings and Financial Services refinance activities,
supplemented by market share growth in Sales. This growth is underpinned by
its key competitive advantage, the Foxtons Operating Platform, which comprises
unrivalled and market leading technology and data capabilities, its brand,
unique hub and spoke model and its performance-led and inclusive culture.

 

The business has four strategic priorities:

 

·      Lettings organic growth: driving portfolio growth by
strengthening customer acquisition and retention, alongside enhancing margins
through cross-selling high-value services.

·      Lettings acquisitions: acquire, integrate and service
high-quality lettings portfolios.

·      Sales growth: increasing market share by growing the share of
property instructions and improving conversion rates, whilst driving
profitability through enhanced productivity.

·      Financial Services growth: improving scale and cross-sell to
drive revenue growth.

 

To find out more, please visit www.foxtonsgroup.co.uk

 

 

 

 

 

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