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  • 2 weeks later...

???? Wrote:

-------------------------------------------------------

> I think the heads of the employees are also pretty

> empty


What has everyone got against Foxtons? What gets me is why they have satalite tv on 24/7?


I think a shop that size would make a good Mcdonalds wouldn't you agree? Food for thought.

You really have it in for Foxtons macroban. Why so much interest? is it purely estate agent driven?


Anyway - I'm sure you have alerted us to Foxtons having breached its covenants before. Its by no means the end for a business, just a renegotiation of their debt facilities, although it makes it more difficult to survive.


They have recently sold a house on our road and very quickly at that (I did think it was undervalued even in the current market) - also it seems they have more activity in their office recently, so I'm not sure what to think about their future.

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  • 5 months later...

A new chapter in Foxton's history - from City AM this morning:


Estate agent Foxtons was taken over by its lenders yesterday, after its private equity owner agreed to a refinancing deal that saw its stake in the firm massively diluted.


BC Partners bought the chain that was synonymous with the London property boom for around ?360m in 2007 from founder Jon Hunt, who offloaded the business at the top of the market.


But yesterday the private equity house handed lenders led by Bank of America and Mizuho a majority stake in the business. BC Partners will retain the largest minority stake and has pumped less than ?50m of new equity into the estate agents.


Under the deal, Foxton's debt has been cut from ?300m to ?120m. Most of the debt was from ?260m of bank loans to fund BC Partners' buyout.

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