Foxtons

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Foxtons Group plc
Type Public limited company
Industry Estate agent, Real Estate
Founded 1981 (1981)
Headquarters London, United Kingdom
Key people Garry Watts (Chairman)
Michael Brown (CEO)
Revenue £139.2 million (2013)[1]
Operating income £46.1 million (2013)[1]
Net income £32.1 million (2013)[1]
Website www.foxtons.co.uk

Foxtons Group plc is a British estate agency company dealing with both lettings and sales. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.

History[edit]

Foxtons was founded by Jon Hunt in 1981 in Notting Hill, London, as a two-person estate agency.[2]

2001 saw the launch of promotionally branded Minis, bearing the Foxtons logo.[3]

In March 2006, the BBC ran an undercover report and revealed many questionable actions taken by Foxtons employees such as faking signatures and purposefully overvaluing properties.[4]

Foxtons was acquired by private equity firm BC Partners in 2007 for £390m.[5]

In December 2009, private equity firm BC Partners lost control of Foxtons, less than three years after buying it, after creditors reorganized the real estate broker’s debt.[6]

In May 2013, BBC Watchdog reported that Foxtons imposes tenancy agreements which demand in the small print that tenants must use utilities supplier Spark Energy Ltd. The BBC stated Foxtons are paid commission by Spark Energy Ltd.[7]

On 27 August 2013, Foxtons unveiled its flotation on the London Stock Exchange to raise £55m from private investors.[8][9] [10]

On 1st July 2014, Michael Brown stepped down as CEO, citing personal reasons for his decision. Previous COO, Nic Budden has taken on the role of CEO. [11]

Operations[edit]

Foxtons has 44 offices.[12] It is a member of The Property Ombudsman, The National Association of Estate Agents (NAEA) (Licensed Member),[13] The Association of Residential Letting Agents (ARLA) (Licensed Member),[14] [15] [16] [17] and the The National Approved Letting Scheme. Foxtons is also a founding member of the Safe Agent Fully Endorsed client money protection scheme (SAFE)[18][19] [20] as well as Tenancy Deposit Protection Scheme.[21]

References[edit]

  1. ^ a b c Preliminary Results 2013
  2. ^ "Full Foxtons history". Foxtons.co.uk. Retrieved 2009-07-06. 
  3. ^ "Foxtons Minis". Foxtons.co.uk. Retrieved 2009-07-06. 
  4. ^ The secret agent BBC News
  5. ^ Second time lucky: buyout firm snaps up Foxtons again Sunday Times
  6. ^ "Foxtons taken over by banks". The Daily Telegraph (London). 2010-01-08. 
  7. ^ BBC WatchDog 15-5-2013
  8. ^ Foxtons unveils float to raise £55m The Telegraph, 27 August 2013
  9. ^ Foxtons puts up ‘Sold’ sign as BC Partners steps in for £390m
  10. ^ "BC Partners buys Foxtons in 390 mln stg deal". Forbes.com. 2007-05-21. Archived from the original on 2008-10-02. Retrieved 2009-07-06. [dead link]
  11. ^ http://www.estateagenttoday.co.uk/880-budden-takes-over-as-ceo-of-foxtons
  12. ^ Foxtons Offices
  13. ^ "Foxtons Limited". 
  14. ^ "OEA Press release". Oea.co.uk. Archived from the original on May 8, 2008. Retrieved 2009-07-06. 
  15. ^ Daniel Francis (2007-03-06). "Delight as Foxton's joins ombudsman scheme". Landlordexpert.co.uk. Retrieved 2009-07-06. 
  16. ^ "Estate agent ombudsman enlists Foxtons". Propertyweek.com. Retrieved 2009-07-06. 
  17. ^ Hamer’s delight at major coup as Foxtons join Ombudsman Scheme[dead link]
  18. ^ "Foxtons and the new lettings industry kitemark SAFE". 
  19. ^ "Foxtons signs up to the national approved letting scheme". Nalscheme.co.uk. Retrieved 2009-07-06. 
  20. ^ Foxtons Business Development News
  21. ^ "New deposit scheme a positive step for UK lettings market". Foxtons.co.uk. Retrieved 2009-07-06.