Dexters has revealed he paid £ 3.21million for rival Wetherell after buying the entire share capital of the boutique agency just before the pandemic hit.
Deemed a “lease partnership” at the time, Dexters’ latest accounts for the fiscal year ending September 2020 show the deal was significantly more involved.
He paid the substantial sum to Wetherell & Co (Mayfair) Ltd, which includes an “earn out” of £ 850,000 which is “contingent upon the performance of the company over a period of five years”.
The purchase of the agency, founded in 1982 by one of London’s most respected and prominent figures, Peter Wetherell (above, left), brought in £ 900,000 in income for Dexters between December 2019 and September 2020 and £ 17,000 in profit, although those numbers would have been higher if they were annual data, Dexters points out.
Wetherell was just one of many acquisitions made by Dexters, whose CEO Jeff Doble (above, right) gave the negotiator a exclusive interview april.
This includes the rental books from Harbor Estates for £ 120,000, Japan UK Ltd for £ 300,000 and People in Property for £ 310,000.
Dexters also recently bought famous London real estate agency Roy Brooks for an undisclosed sum.
The acquisition follows a partnership with investment fund City Oakley Capital, which has co-invested £ 13million to expand its network.
Dexters also revealed that it generated £ 108.7million in its fiscal year to September 2020 and gross profit of £ 53.7million. Its underlying profit was £ 23.1million and profit before tax was £ 17.3million.