LONDON (ShareCast) - (Sharecast News) - Foxtons said on Monday that it has bought independent estate agent London Stone Properties and its subsidiary from owner and founder Hilary Stone for ?2.2m in cash.
Based in Woolwich, London Stone is focused mainly on lettings and property management. Foxtons said the deal will fit well with its existing business model and branch network "due to the high level of customer service and strong growth in landlords that London Stone has demonstrated over a number of years".

For 2019, London Stone's unaudited revenue and pre-tax profit were ?1.5m and ?0.7m respectively. Gross assets at the end of December 2019 were ?4.3m.

The deal is expected to be earnings-enhancing from 2020.

At 0940 GMT, the shares were up 0.8% at 80.51p.

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