Haslams
Advisers to independent estate agent, Haslams, on its sale to leading estate agent, Foxtons.

The deal
Haslams Estate Agents (Haslams) has been acquired by one of London’s leading estate agents, Foxtons Group plc (Foxtons), in a deal supported by our Corporate Finance team.
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 successful 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.
With excellent transport links to London, Reading is projected to be the fastest growing region in the UK by 2027*, and this acquisition builds on Foxtons’ recent success in commuter towns of Guildford and Woking. Foxtons Operating Platform, and in particular its technology and data reach, are projected to further accelerate growth.
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 our Corporate Finance team have completed with Foxtons in the last three years, having sold London estate agency, Douglas & Gordon, to Foxtons in 2021.
Our Reading team, led by Partner Bilal Hasan and supported by Manager Patrick Starrett was appointed by Haslams to advise on its sale. Haslams engaged FRP Corporate Finance as its adviser based on the team’s strong sector credentials. FRP Corporate Finance was instrumental in guiding the shareholders through the process, managing negotiations, providing solutions to issues when they arose and securing a positive outcome for all stakeholders.

Bilal Hasan, Partner at FRP Corporate Finance said: “Haslams is a great local brand with a strong heritage and a good quality lettings book of c.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 said: “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.”
*Source: EY UK Regional Economic Forecast.

Deal summary
Date:
October 2024
Sector:
Property
Deal type:
Selling a business
Deal size:
Undisclosed
Haslams is a great local brand with a strong heritage and a good quality lettings book of c.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.Bilal Hasan Corporate Finance
Related team

Bilal Hasan
