Dexters has announced plans to further expand its operations and grow its market share of the London property market.
According to the firm’s chief executive, Andy Shepherd, the company is eying growth opportunities through acquisitions and new start-ups, particularly in greater London, with yet another new office set to open in Finchley next month.
The Finchley branch will add to the recently launched Dexters offices in Tooting Broadway, Cricklewood, Muswell Hill, East Dulwich, Kentish Town, Wimbledon, Islington, Finsbury, Hendon, Wapping and Hackney Central.
Due to new office openings and continued expansion plans, Dexters are recruiting in all areas of the property sector including fast track management opportunities.
The company also acquired 27-branch Marsh & Parsons for £29m, as revealed in firm’s latest accounts, which was released this morning, revealing that revenue rose 3% annually to £147.1m, but profit was marginally down at £37m compared with £40.6m in 2021.
Some £79.5m was generated through Dexters lettings and property management business, £56.5m through sales and new homes activities and £11.1m generated from other professional advisory services.
The company’s rapid expansion has been financed largely by cash from City firm Oakley Capital, which two years ago revealed it had made some £130m available to Dexters in order to acquire rival firms and open new offices.
Since this partnership Dexters, founded in 1993, has spent circa £54m on company acquisitions and added more than 50 new offices – under various brands – to the group’s branch portfolio through acquisitions and new office openings.
Andy Shepherd, CEO of Dexters, said: “Dexters continues its consistent year-on-year growth and the business is well capitalised for further expansion and ambitious growth plans over the coming years. The group has considerable potential for future growth, with many of its recently opened or newly acquired offices not yet reaching their full potential.
“In addition, whilst we have a leading market share position in the capital, there are many parts of Greater London where the group does not yet have a presence, meaning there is a significant opportunity for further expansion through acquisitions and new office openings.”
Shepherd added: “Dexters continues to be confident about the strength and future performance of the London property market. The London lettings sector is strong and experiencing high levels of tenant demand following the reopening of the economy after the Covid-19 pandemic, which is reflected in our latest figures, whilst the sales market has remained resilient, following a strong 2021 with the Government’s temporary stamp duty relief.”
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