Douglas & Gordon, one of London’s most recognized and respected names in estate agency, today announces that it has been acquired by the Foxtons Group for £14.25m.
The deal will see Foxtons take ownership of the Douglas & Gordon business, including all the company’s 200 strong team and operations, along with its 19 branches.
However, the Douglas & Gordon brand will remain unchanged, with the company operating as a standalone business run by current CEO James Evans, focused on delivering great results for clients and customers, growing market share and further improving financial performance.
The deal will realize value for Douglas & Gordon’s current shareholders, but will also ensure the business is well resourced for the future and can take advantage of improving market conditions and new opportunities.
Douglas & Gordon opened its first shop in 1958 just off Sloane Square.
Chairman and lead shareholder Michael Hodgson, who has led the business for 42 years will now step down, leaving Evans and the established management team to drive and grow the business under the Foxtons Group’s ownership.
James Evans, CEO Comments:
“Michael’s reputation in residential sales and lettings is unparalleled, and he leaves the business with an incredible legacy firmly secured, a rare thing in our industry.”
Chairman and lead shareholder, Michael Hodgson added:
“Douglas & Gordon’s success has been built on exceptional people, the increasing use of smart technology under James’s leadership and a strong brand.”
“It’s now the right time to take the excellent opportunity with Foxtons, allowing all our customers as well as the whole D&G family to benefit from their support.”
Evans joined Douglas & Gordon in late 2015 to build the business with the mandate from Hodgson to re-position, strengthen and build the company.
Evans and the management team’s most significant achievements have been its recruitment policy, rapidly improving the company’s financial performance, revolutionizing its technology offer and driving market share.
Evans came from Foxtons where he spent 13 years, involved in both the Foxtons PE sale in 2007, as well as the IPO in 2013.
“We have so many loyal customers and clients that love the D&G brand and people.”
“And we look forward to taking care of them for many more years to come under the D&G name and with new owners, that will only build on ‘the D&G way’ they’ve come to love, giving exceptional client and customer service.” concludes Evans.