Acquisition allows agency to stay independent ahead of fees ban

An agency claims that the acquisition of a competitor’s lettings department has allowed it to save two companies, avoid cutbacks and stay independent ahead of the fees ban.

Foxes Sales & Lettings, located in Bournemouth, has completed a takeover of Hearnes Lettings following a 'soft acquisition'.

The takeover means the agency has doubled its number of employees and landlord clients as well as doubling its number of managed properties to almost 350.

After strengthening its position in the local market, the firm says it will now look to limit landlord and tenant costs ahead of the ban on upfront letting agent fees which is expected to come into effect next year.

Foxes Sales & Lettings says it is looking to acquire further small independent businesses and is actively looking to take on new staff, including a senior negotiator.

"Merging two independent companies, we have secured our business prospects ahead of future challenges facing the lettings market," says Damon Robbins, managing director of Foxes Sales & Lettings.

"We also feel that our buying process, in which we retained all staff and the majority of the landlords, has been an example to the industry."

Lyndon Le Boutillier, founder and owner of Hearnes Estate Agents, which will continue to operate as a five-branch sales agency, adds: "It was the right time for us to sell our lettings department and focus on other areas of the business."