Founded 1981 (1981) Net income £33.4 million (2014) Founder Jon Hunt | Operating income Headquarters London, United Kingdom Revenue 143.9 million GBP (2014) | |
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Type Public limited company LSE: FOXT Industry Estate agent, Real Estate Key people Garry Watts (Chairman)
Nic Budden (CEO) Stock price FOXT (LON) 94.48 GBX +0.48 (+0.51%)15 Mar, 4:53 PM GMT - Disclaimer CEO Nicholas Budden (1 Jul 2014–) Profiles | ||
Foxtons Group plc is a British estate agency company dealing with both lettings and sales. It is listed on the London Stock Exchange.
Contents
History
Foxtons was founded by Jon Hunt in 1981 in Notting Hill, London, as a two-person estate agency.
2001 saw the launch of promotionally branded Minis, bearing the Foxtons logo.
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.
Foxtons was acquired by private equity firm BC Partners in 2007 for £390m.
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.
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.
On 27 August 2013, Foxtons unveiled its flotation on the London Stock Exchange to raise £55m from private investors.
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.
Operations
Foxtons has 67 offices. It is a member of The Property Ombudsman, The National Association of Estate Agents (NAEA) (Licensed Member), The Association of Residential Letting Agents (ARLA) (Licensed Member), and the National Approved Letting Scheme. Foxtons is also a founding member of the Safe Agent Fully Endorsed client money protection scheme (SAFE) as well as Tenancy Deposit Scheme.