Foxtons

Foxtons Group plc
Public limited company LSE: FOXT
Industry Estate agent, Real Estate
Founded 1981 (1981)
Headquarters London, United Kingdom
Key people
 Garry Watts (Chairman)
Nic Budden (CEO)
Revenue £143.9 million (2014)[1]
£42.0 million (2014)[1]
£33.4 million (2014)[1]
Website www.foxtonsgroup.co.uk
The Sutton, London branch of Foxtons
Foxtons, Enfield.

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

History

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]

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]

Operations

Foxtons has 56 offices.[10] It is a member of The Property Ombudsman, The National Association of Estate Agents (NAEA) (Licensed Member),[11] The Association of Residential Letting Agents (ARLA) (Licensed Member),[12] [13] [14] and the National Approved Letting Scheme. Foxtons is also a founding member of the Safe Agent Fully Endorsed client money protection scheme (SAFE)[15] as well as Tenancy Deposit Scheme.[16]

See also

References

  1. 1 2 3 "Preliminary Results 2014" (PDF). Foxtons. Retrieved 14 June 2015.
  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. 21 March 2006. Retrieved 14 June 2014.
  5. ↑ "Second time lucky: buyout firm snaps up Foxtons again". Sunday Times. 2007. Retrieved 14 June 2015.
  6. ↑ "Foxtons taken over by banks". The Daily Telegraph. London. 2010-01-08. Retrieved 14 June 2015.
  7. ↑ BBC WatchDog 15-5-2013. YouTube. 16 May 2013. 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. ↑ "Foxtons: Contact our offices in London and Surrey". foxtons.co.uk. Retrieved 14 June 2015.
  11. ↑ "Foxtons Limited". The National Association of Estate Agents. Retrieved 14 June 2015.
  12. ↑ "OEA Press release". Oea.co.uk. Archived from the original on May 8, 2008. Retrieved 2009-07-06.
  13. ↑ Daniel Francis (2007-03-06). "Delight as Foxton's joins ombudsman scheme". Landlordexpert.co.uk. Retrieved 2009-07-06.
  14. ↑ "Estate agent ombudsman enlists Foxtons". Propertyweek.com. Retrieved 2009-07-06.
  15. ↑ "Foxtons signs up to the national approved letting scheme". Nalscheme.co.uk. Retrieved 2009-07-06.
  16. ↑ "New deposit scheme a positive step for UK lettings market". Foxtons.co.uk. Retrieved 2009-07-06.

Media related to Foxtons at Wikimedia Commons

This article is issued from Wikipedia - version of the 12/1/2016. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.