Foxtons has acquired FleetMilne (Birmingham) for a consideration of £4.0m (£0.8m deferred), marking its second acquisition of 2026. The deal adds £1.5m of revenue and £0.2m of operating profit to the Group. Once factoring in the additional interest cost, we leave our PBT forecasts unchanged. However, the important points for us are 1) the pace of M&A is stepping up against a strong pipeline and 2) the acquisition takes Foxtons into Birmingham, representing a new region for the Group and signalling a broadening of its geographic focus. A wider strategy to expand into other regions could support significant growth through addressable market expansion. Today’s acquisition will act as Foxtons’ hub in Birmingham, with potential to bolt-on further deals in the future. We continue to back management to deliver a return to growth. M&A forms an important part of Foxtons’ growth plan and both last week’s and today’s deals confirm strong appetite for deals in 2026. We see Foxtons’ Dec. ’26 P/E rating of 10.6x as attractive against a peer group trading on 13x, and we stay at Buy.
