James Evans signs an agreement to acquire Douglas & Gordon Limited from Foxtons Group plc (LSE:FOXT) for £2 on January 14, 2022. Foxtons Group will disposal of the D&G sales business and all of its branches, by way of the sale of Douglas & Gordon Limited. Evans. Cash of £3.7 million will be left in the business to cover working capital requirements and retained liabilities. Under the terms of the disposal, D&G will operate under restrictive covenants which protect the lettings book assets retained by Foxtons, including existing customer contracts and relationships, and the employees that are transferring to Foxtons. In a related transaction, Foxtons Group integrates the D&G lettings business. Foxtons Group acquired D&G sales business for £15.5 million on March 2021. D&G sales business contributed an operating loss of approximately £1.9 million to the Group in 2021, from £6.8 million of sales revenue. The total gross assets of the D&G sales business at the end of December 2021 were £10.6 million, primarily relating to lease right of use assets and cash. The disposal will result in an impairment loss of approximately £3 million, which will be recognized by the Group as an adjusted item in the financial statements for 2021. The disposal is conditional upon the approval by shareholders at a General Meeting. A circular setting out the terms of the disposal is expected to be posted to shareholders on Monday January 17, 2022 with the General Meeting expected to take place on Thursday 10 February 2022. Following a period of consultation with affected employees, and if approved by shareholders, the Disposal is expected to complete in February 2022. As of February 10, 2022, the transaction has been approved by shareholders of Foxtons Group plc. David Coates, Hilde Braaten Resseth, Sara Wilson and Helen Coward of Charles Russell Speechlys LLP has legally advised James Evans on the acquisition.

James Evans completed the acquisition of Douglas & Gordon Limited from Foxtons Group plc (LSE:FOXT) for £2 on February 11, 2022.