Foxtons Group

 

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

Foxtons Group plc
Type Public limited company
LSEFOXT
Industry
Founded 1981; 40 years ago
Founder Jon Hunt
Headquarters

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Key people
Revenue Decrease£106.9 million (2019)
Increase£(6.3) million (2019)
Increase£(7.7) million (2019)
Number of employees
1,133 (2019)
Website www.foxtonsgroup.co.uk
Footnotes / references
[1][2][3]

 

Foxtons was founded by Jon Hunt in 1981 in Notting HillLondon, as a two-person estate agency.[4]

2001 saw the launch of promotionally branded Minis, bearing the Foxtons logo.[5]

Foxtons was acquired by private equity firm BC Partners in 2007 for £390m.[6]

In December 2009, private equity firm BC Partners lost control of Foxtons, less than three years after buying it, after creditors reorganised the real estate broker’s debt.[7]

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

On 1 July 2014, Michael Brown stepped down as CEO, citing personal reasons for his decision. Previous COO, Nic Budden took on the role of CEO.[9]

Controversies[edit]

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.[10]

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.[11]

Operations[edit]

Foxtons has 67 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] and the National Approved Letting Scheme. Foxtons is also a founding member of the Safe Agent Fully Endorsed client money protection scheme (SAFE)[17] as well as Tenancy Deposit Scheme.[18]

References[edit]

  1. ^ “Annual report 2019” (PDF). Retrieved 10 July 2020.
  2. ^ “Yahoo Profiile”. Retrieved 10 July 2020.
  3. ^ “Companies House Profile”. Retrieved 10 July 2020.
  4. ^ “Full Foxtons history”. Foxtons.co.uk. Retrieved 2009-07-06.
  5. ^ “Foxtons Minis”. Foxtons.co.uk. Retrieved 2009-07-06.
  6. ^ “Second time lucky: buyout firm snaps up Foxtons again”. Sunday Times. 2007. Retrieved 14 June 2015.
  7. ^ “Foxtons taken over by banks”The Daily Telegraph. London. 2010-01-08. Retrieved 14 June 2015.
  8. ^ “Foxtons unveils float to raise £55m”. The Telegraph. 27 August 2013. Retrieved 14 June 2015.
  9. ^ “Budden takes over as CEO of Foxtons”. Estate Agent Today. 4 June 2014. Retrieved 14 June 2015.
  10. ^ “The secret agent”BBC News. 21 March 2006. Retrieved 14 June 2014.
  11. ^ BBC WatchDog 15-5-2013YouTube. 16 May 2013. Retrieved 14 June 2015.
  12. ^ “Foxtons: Contact our offices in London and Surrey”foxtons.co.uk. Retrieved 2 March 2017.
  13. ^ “Foxtons Limited”. The National Association of Estate Agents. Retrieved 14 June 2015.
  14. ^ “OEA Press release”. Oea.co.uk. Archived from the originalon 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. ^ “Foxtons signs up to the national approved letting scheme”. Nalscheme.co.uk. Retrieved 2009-07-06.
  18. ^ “New deposit scheme a positive step for UK lettings market”. Foxtons.co.uk. Retrieved 2009-07-06.

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