Foxtons has announced the acquisition of Atkinson McLeod, a London focused lettings and estate agency that generates c.90% of its revenues from lettings across c.1,100 tenancies. It is paying a consideration of £7.4m, which represents a multiple of 8.2x Mar. 22 operating profit (£0.9m). The acquisition is expected to be earnings enhancing in FY23 (the FY22 outturn represents c.7% of our FY23 Group operating profit forecast). However, we would expect synergies to enhance the acquisitions profits ....
