Two Dorset businesses unite

The Foxes Team

Caption: The Foxes Team

Business, Dorset News | Posted: Friday, August 17th, 2018 at 1:47 pm | return to news

Two Dorset-based businesses 

Foxes Sales & Lettings in Bournemouth has doubled in size and number of managed properties, through their acquisition of Hearnes Lettings. 

The Foxes Team

Caption: The Foxes Team

Completing a soft acquisition of Hearnes Lettings, Foxes Sales & Lettings in Bournemouth has united two local independent businesses. Aiming for future and sustainable growth, Foxes Sales & Lettings have doubled their number of employees and Landlords. They have also doubled their number of managed properties to approximately 330.

Strengthening their position, the acquisition allows them to save two companies, avoid cutbacks and stay independent.

During the acquisition, Foxes Sales & Lettings worked closely with Hearnes Estate Agents to purchase their Lettings Department. Their work included due diligence to ensure the secure transfer of data, contracts and Landlord accounts. They also communicated the acquisition effectively to all Landlords to create trust and retain business.

Foxes Sales & Lettings will now look to limit the costs to Landlords and Tenants when the new Tenant Fee Ban legislation comes into effect next year. This legislation will potentially cut letting agent turnover by up to 20%.

They are also looking to grow by acquiring more small independent agencies and taking on new staff members, including a Senior Negotiator.

Damon Robbins, Managing Director of Foxes Sales & Lettings Ltd, said, “We couldn’t be happier with our acquisition of Hearnes Lettings and the quick turnaround. Merging two independent companies, we have secured our business prospects ahead of future challenges facing the lettings market. 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. Using our experience, we are now willing to consider future acquisitions to sustain other independent companies.”

Lyndon Le Boutillier, Founder and Owner of Hearnes Estate Agents, said, “It was the right time for us to sell our lettings department and focus on other areas of the business. We’re pleased to have worked with Foxes Sale & Lettings on the smooth acquisition and we have agreed to pass on any future landlord lettings enquiries.”

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