Wild speculation about the sale of Dexters yesterday turned out to be plain wrong - and instead the company has landed substantial investment.
Oakley Capital, a London-based private equity firm, has invested in the agency to fund likely expansion. Some reports state the investment as £130m but Estate Agent Today has been told this figure is "far off the mark." However, the investment is phased over several years and some observers say is likely to eventually exceed £100m.
There’s no change to the day to day running of the company, contrary to suggestions in parts of the trade press yesterday. Senior management is as before with high profile founder Jeff Doble and Andy Shepherd remaining as chairman and chief executive respectively.
Dexters currently has 70 offices across the capital including 12 in prime areas - the new investment aims to help expand the total to 100 offices over the next three years. The agency will also recruit an additional 400 staff and “invest in new markets and broaden the reach of the business” according to a statement.
Jeff Doble says: “Despite the challenges of Brexit and Covid-19, Dexters has continued to build market share and presence across London with new office openings, consistent rises in our sales and lettings performance and an increasing number and quality of new property instructions and new registrations each quarter. This is testimony to all our colleagues working tirelessly to look after our clients and focus on sustaining the growth of the business. Our vision has always been to be the No.1 estate agency in London and as we look to move to a new level we have decided to partner with Oakley Capital to help us work towards our ambitious long term plans.”
He continues: "Dexters is a highly successful and profitable business and we are focused on expanding our network of offices and services even further in the London market. Our partnership with Oakley Capital and its investment in the business will provide ... an additional cushion of financial strength and the funds to expand whilst keeping the business highly stable and secure.”
Oakley Capital’s managing partner Peter Dubens adds: ““We look forward to being a part of its next phase of growth, contributing our proven expertise in digitisation, and drawing on our experience in the property sector.”
And as to the speculation that the company had been sold, a senior figure at the firm told Estate Agent Today: "It hasn't been - we get this all the time..."