You are here: Home - Remortgage - News -

Foxtons confirms £55m flotation

0
Written by:
27/08/2013
High-end estate agent Foxtons is to float this September and raise
Foxtons confirms £55m flotation

The London-based company, which has 40 branches in the capital and two outside, as well as a new luxury Alexander Hall office in the West End, is believed to be seeking to take advantage of the housing market recovery.

It is rumoured to be planning the opening of a raft of new branches outside London.

Foxtons is currently majority owned by private equity firm BC Partners, while its executive directors are reported to own 20% of the equity. 

The proceeds from the initial public offering (IPO) will be used to clear all of its debts, the company said in stock market statement.

Foxtons said it was well placed to “benefit from any future recovery in the residential property sales market”.

First-half revenue at the group rose 10.5% to £62.6m, while adjusted earnings before interest, tax, depreciation and amortization rose 14.3% to £19.4m.

Foxtons founder Jon Hunt has already made his fortune from the business. He set it up in 1981, then sold it to BC partners for around £375m in 2007, just months before the UK housing market nosedived.

Tagged:

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Your Mortgage Guides

Your Mortgage Award Winners 2018-2019

Download our guide to the best mortgage lenders in the UK

Read More >

Read previous post:
Sven lost £10m on property deals

Sven-Goran Eriksson claims an incompetent financial adviser cost him

Close