Foxtons Group plc, London's largest lettings agent, has announced the acquisition of Ludlow Thompson Holdings Limited and its subsidiary companies for £10 million. Ludlow Thompson is a high-quality, lettings-focused estate agent operating across 7 branches in London, generating over 70% of its total revenue from lettings. The acquisition aligns with Foxtons' strategy to drive recurring and non-cyclical earnings growth by expanding its lettings portfolio. The acquisition will be funded through Foxtons' existing cash resources and revolving credit facility. The integration of Ludlow Thompson into Foxtons' operating platform is expected to unlock synergies and deliver attractive returns on invested capital. The acquisition further solidifies Foxtons' position as London's largest lettings agent and is the second acquisition made in 2023, with a total of £17.4 million invested and over 2,800 tenancies acquired. The acquisition is expected to be accretive to Foxtons' 2024 earnings and deliver an attractive return on capital in line with the company's target return on capital for acquisitions of 20%.