Dexters Receives New Investment, Plans Expansion
London’s largest independent estate agency has reported some planned developments in the near future after receiving backing from a new investor. The firm plans to expand by opening more branches and hiring more employees.
Leading up to the event, there were some rumors that the company was contemplating a sale. The news of new investment into the business, as well as denial from the company, have laid those rumors to rest.
The firm that has agreed to invest in the estate agency is Oakley Capital. The amount of the investment has not been disclosed yet. However, a figure of 130 million dollars over a few years has been floated in the media.
The current management of Dexters is also expected to invest some of their own money. This will have no effect on the day-to-day management of the company and both Jeff Doble, the Chairman, and Andy Shepherd, the CEO, will remain in their current positions as senior management.
Dexters was established in 1993 by Jeff Doble who opened its first and only branch in Twickenham. Since then, it has expanded to 87 branches. Over the course of the next 3 years, the company plans to cross the 100 branches mark. About 400 new employees are also expected to be added to the workforce that already stands at 1,200 full-time employees.
The firm survived both Brexit and COVID-19 and has managed to increase its market share and presence in the capital city despite these challenging times. It plans to one day be the number one London real estate agency and the recent investment will go a long way in helping the company reach that goal.
Oakley Capital is run by Peter Dubens who backed Casa.it, an online real estate business in Italy, and is also an investor in Time Out. The firm believes that if Dexter can perform during the pandemic amid Brexit, it is set to perform well when things settle down. Oakley is also confident in the company’s ability to reach its target and praised Dexter’s drive, focus, and collaboration.