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FRP Corporate Finance has advised independent estate agent Haslams on its sale to London’s leading estate agent Foxtons Group.
Operating under two brands – Haslams Estate Agency in Reading, and Michael Hardy in Wokingham and Crowthorne – Haslams is one of the leading estate agents in Berkshire for lettings, new homes and residential sales.
The acquisition builds on Foxtons track record of identifying, acquiring and integrating high quality lettings focused businesses. It will act as a strategic hub to unlock growth opportunities in the areas surrounding Reading, both organically and through further synergistic bolt-on acquisitions.
Initial consideration for the acquisition, on a cash and debt free basis, is £7.6m, with £2.4m deferred and contingent on the delivery of performance targets.
This is the second transaction FRP Corporate Finance team has completed with Foxtons in the last three years, having sold London estate agency, Douglas and Gordon to Foxtons in 2021.
The Reading team, led by partner Bilal Hasan and supported by manager Patrick Starrett was appointed by Haslams to advise on its sale.
Hasan said: “Haslams is a great local brand with a strong heritage and a good quality lettings book of 1,700 tenancies. With the Thames Valley forecast to be one of the fastest growing regions in the UK in the next five years, it was no surprise that the business attracted interest from strategic acquirers.
“In Foxtons, Haslams has gained a partner that has the network and resources to help accelerate growth. I look forward to following progress with the regional business, which is no doubt set to prosper from the positive market tailwinds and the back-office support provided by Foxtons.”
Steve Woodford, executive chairman and founder of Haslams, added: “FRP Corporate Finance came highly recommended, and they lived up to their reputation as first-class advisers with a deep understanding of the sector. Bilal and Patrick were on-hand to guide us through the transaction and support at every stage. We are absolutely delighted with the outcome and firmly believe we have found the ideal home for the business to continue to flourish.”
