Foxton acquires South East London estate agency in £2.2m deal

London property specialist Foxtons Group has announced its acquisition of an independent estate agency in a multi-million pound deal.

The group has acquired the entire issued share capital of London Stone Properties Limited and its subsidiary company London Stone Property Sales Limited for a cash consideration of £2.2m.

Based in Woolwich, London Stone specialises in lettings and property management, with gross assets at the end of 2019 at £4.3m.

The South East London agency was founded in 2004 by owner Hilary Stone, who sold the independent company to the group.

Foxtons commented: “The directors believe the acquisition will fit well with our existing business model and branch network due to the high level of customer service and strong growth in landlords that London Stone has demonstrated over a number of years.”