Dexters is set for more acquisitions in 2022 as agents exit the sector amid concerns over new rules and regulations, its boss has revealed.
Speaking exclusively to Estate Agent Today, Andy Shepherd, chief executive of Dexters, said the brand is in talks with more than 100 agencies at one time across London.
He said: “We want to create ongoing opportunities and can only do that by growing the business.
“We are well placed to continue with more acquisitions during 2022 and have got things in the pipeline.
“With regulations coming in, a lot of smaller companies are struggling to provide services.
“Our offering can sometimes keep the original partners and a company’s brand or we can takeover and use the existing team.”
“It can take years sometimes to do a deal but we have ongoing conversations.”
Over the past 12 months, Dexters has further boosted its market share in north London with recent in Hendon, Finchley and Finsbury Park as well as partnerships with estate agents Roy Brooks, Peter James and Sebastian Roche in south London.
Its annual accounts revealed last week showed its revenue was up 32% to £143.3m and it posted a £40.6m operating profit – up 75%.
Of the £143.3m of revenue, £62.7m was generated through Desxters sales and new homes activities, £69.2m from lettings and property management and £11.3m generated from financial services, conveyancing and other professional advisory services
With more than 70 offices across London, Dexters is described as London’s largest independent chartered surveyor and estate agent.
Shepherd said: “Dexters continues its consistent year-on-year growth and as London has bounced back from the disruption caused by the Covid-19 pandemic the business has seen a significant increase in transactions across the capital.
“Due to the professionalism, hard work and customer care achieved by colleagues across the business the Dexters brand is highly rated by both Londoners and international customers.
“This rating, alongside our office expansion programme and enhanced digital activities creates a strong foundation for continuing to increase revenue and future expansion.”