Business
Acquisition of Birmingham-based FleetMilne
Foxtons Group plc has acquired Birmingham-based FleetMilne for an initial consideration of £3.2 million, with an additional £0.8 million deferred and contingent on performance targets, funded by its revolving credit facility. FleetMilne reported unaudited revenue of £1.5 million and profit before tax of £0.2 million for the twelve months ended September 30, 2025. This acquisition, which is expected to be earnings accretive from 2026, expands Foxtons' lettings business into the UK's second-largest city and aims for a 20% total return on investment in Birmingham over the medium term. Disclaimer*
About this update from Foxtons Group Plc
[{"type":"text","content":"\n\nFoxtons Group plc\nAcquisition of Birmingham-based FleetMilne\n \n21 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.\n \nBackground and strategic rationale\n· FleetMilne is a high-quality, independent lettings agent with a leading market share position in central Birmingham.\n· 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.\n· 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.\n· 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.\n \nAcquisition terms and financial impact\n· Initial consideration of £3.2m, with a further £0.8m deferred for 12 months and contingent on performance targets being met1. The acquisition is funded from the Group's existing revolving credit facility.\n· 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.\n· 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...