CITY INVESTOR OAKLEY CAPITAL INVESTS IN LONDON’S LARGEST ESTATE AGENT DEXTERS
DEXTERS, London’s leading independent Chartered Surveyor and Estate Agent, today announced ambitious growth plans and the partnering with an investor group led by Oakley Capital that will be making an initial investment into the business and provide further capital for expansion as required.
DEXTERS will invest in new markets and broaden the reach of the business. Over the coming years DEXTERS plans to expand its current London network of 70 branches to over 100 branches and to recruiting an additional 400 staff.
DEXTERS began life in 1993 as a single office in Twickenham and has grown to become the capital’s largest estate agent with over 1,200 full-time staff, a global profile and recognised by peers as a leading operator in the highly competitive London property market. DEXTERS has a consistent track-record of growth through economic cycles, growing revenue at a 15% compound annual growth rate over the last 10 years. Despite being closed for two months last year due to COVID-19 turnover has risen from just over £100 million in 2019 to £109 million in 2020.
Peter Dubens, Managing Partner of Oakley Capital, said: “DEXTERS focus, drive and strong management has delivered consistent performance and growth where others in the property sector have faltered. We look forward to being a part of DEXTERS’ next phase of growth, contributing our proven expertise in digitisation, and drawing on our experience in the property sector.”
Jeff Doble, Founder and Chairman of DEXTERS, said: “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.”
Jeff Doble 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 DEXTERS with an additional cushion of financial strength and the funds to expand whilst keeping the business highly stable and secure.”
The move will see DEXTERS’ managers and the company’s Employee Benefit Trust increase their combined shareholding in the business to over 30%, giving them a significant stake in the future success of the company.
The management team remains unchanged, with Andy Shepherd as CEO, Ash Kashyap as CFO and Jeff Doble as Chairman; likewise across the branches there will be no change to the running of the business with the same management at all levels.
Over the next three years DEXTERS plans further expansion into the capital’s lucrative build-to-rent sectors and wider lettings market and to grow its on-line presence with more on-line and social-media marketing. The business has already witnessed a busy start to 2021 with both sales and lettings deals running at record levels and working with over 114,000 buyers and tenants currently looking for a new London home, up 25% on 2020.