Foxtons, a prominent name in the real estate industry, has acquired Ludlow Thompson, a seven-branch rival, for a substantial £10 million. The purchase marks Foxtons’ second major acquisition this year, following its Atkinson Macleod deal in March. The move aligns with Foxtons’ strategic focus on expanding its presence in the thriving lettings market, an area where Ludlow Thompson has thrived for three decades.
With approximately 70% of Ludlow Thompson’s revenue coming from the lettings sector, this acquisition bolsters Foxtons’ position in the non-cyclical and recurring revenue streams of the London property market. This approach allows Foxtons to reduce its dependence on the often volatile sales market.
Foxtons, now a lettings-focused business, boasts a portfolio of 28,200 tenancies, having grown its lettings business by 40% since 2020. The Ludlow Thompson acquisition will add an additional 2,800 tenancies to Foxtons’ growing lettings book.
Foxtons CEO, Guy Gittins, expressed enthusiasm about the acquisition, emphasizing that Ludlow Thompson’s local market position and customer-centric approach align perfectly with Foxtons’ vision. The retiring co-founders of Ludlow Thompson, Stephen Ludlow and David Thompson, also welcomed the acquisition, acknowledging the shared culture and values between the two firms.
This strategic move positions Foxtons as a formidable player in London’s real estate landscape and underscores its commitment to sustained growth in the lettings sector.
By Proptechbuzz
By Ravi Kumar
