Dexters has acquired rival London estate agent Marsh & Parsons from LSL Property Services.
The move creates an agency operating 150 offices across London, with 2,000 colleagues serving more than 37,000 landlords and advising on the sale of more than £5 billion of property per year.
Dexters said it will retain the Marsh & Parsons brand and plans to double the size of the business in the coming years.
Andy Shepherd, chief executive of Dexters, said: "We admire the business which is a well-established London brand with a loyal following of clients and has a very similar culture with a focus on providing customers with strong local expertise across the capital."
Dexters chairman Justin King, added: “The acquisition is another important step in the ongoing growth of Dexters.
"The group now has more local offices and a greater presence than any other estate agency in London."
Marsh & Parson was founded in 1856 and originally led by William Marsh and Frederick Parsons, currently has 30 London offices and over 300 staff. The involvement of the founding families in the business ended in 1956 and since 201it has been owned by LSL.
In February 2021, Dexters announced a partnership and major financial backing from Oakley Capital with a growth strategy of opening further offices and building market share through the acquisition of other competitors, alongside expanding the group’s digital presence and services.
The deal is worth £29m.
David Stewart, chief executive of LSL, said: "Marsh & Parsons trades only in prime and outer prime central London and is operated autonomously from other parts of our estate agency business.
“This disposal helps to further simplify the group structure to allow us to focus on maximising our core opportunities, particularly in our financial services network business, whilst also reducing exposure to the more volatile London housing market.
"Following this disposal, we remain committed to developing the remaining LSL Estate Agency brands, where there is greater synergy with the rest of the Group, and opportunities for growth."
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2023.
RIP M&P.
Agreed just pick up a PHONE
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