Foxtons has announced the acquisition of FleetMilne, a lettings agency on Colmore Row in Colmore Business District.

This fits with Foxtons’ aim of snapping up what it calls “high-quality, earnings-accretive, lettings-focused businesses”.

A statement to shareholders this morning says the deal means FleetMilne will become Foxtons’ hub in Birmingham.

The deal is costing £3.2m, with a further £0.8m deferred for 12 months and contingent on performance targets being met. 

Guy Gittins, Chief Executive Officer, says: “This is a significant move for Foxtons as we expand outside of the London commuter belt for the first time.

“Our successful acquisitions in London’s commuter towns have shown how our industry-leading platform can unlock value, making Birmingham – a major market with strong long‑term potential, supported by extensive redevelopment and increasing connectivity with London – a natural next step.

“With the Foxtons Operating Platform behind it, FleetMilne provides a strong foundation for organic growth and enables further bolt‑on acquisitions as we build scale and deliver attractive returns”