Foxtons
 | |
| Public limited company LSE: FKL | |
| Industry | Estate agent, Real Estate |
| Founded | 1981 |
| Headquarters | London, United Kingdom |
Key people |
Garry Watts (Chairman) Nic Budden (CEO) |
| Revenue | £139.2 million (2013)[1] |
| £46.1 million (2013)[1] | |
| £32.1 million (2013)[1] | |
| Website |
www |
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][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
Foxtons has 50 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] In January 2015 Foxtons also joined the Mayor of London Rental Standard scheme.
See also
- CB Richard Ellis
- Hurford Salvi Carr
- Jones Lang LaSalle
- Colliers International
- Savills
- DTZ
- CresaPartners
- Winkworth plc
- Knight Frank
- Cluttons
References
- ↑ 1.0 1.1 1.2 Preliminary Results 2013
- ↑ "Full Foxtons history". Foxtons.co.uk. Retrieved 2009-07-06.
- ↑ "Foxtons Minis". Foxtons.co.uk. Retrieved 2009-07-06.
- ↑ The secret agent BBC News
- ↑ Second time lucky: buyout firm snaps up Foxtons again Sunday Times
- ↑ "Foxtons taken over by banks". The Daily Telegraph (London). 2010-01-08.
- ↑ BBC WatchDog 15-5-2013
- ↑ Foxtons unveils float to raise £55m The Telegraph, 27 August 2013
- ↑ Foxtons puts up ‘Sold’ sign as BC Partners steps in for £390m
- ↑ "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.
- ↑ http://www.estateagenttoday.co.uk/880-budden-takes-over-as-ceo-of-foxtons
- ↑ Foxtons Offices
- ↑ "Foxtons Limited".
- ↑ "OEA Press release". Oea.co.uk. Archived from the original on May 8, 2008. Retrieved 2009-07-06.
- ↑ Daniel Francis (2007-03-06). "Delight as Foxton's joins ombudsman scheme". Landlordexpert.co.uk. Retrieved 2009-07-06.
- ↑ "Estate agent ombudsman enlists Foxtons". Propertyweek.com. Retrieved 2009-07-06.
- ↑ Hamer’s delight at major coup as Foxtons join Ombudsman Scheme
- ↑ "Foxtons and the new lettings industry kitemark SAFE".
- ↑ "Foxtons signs up to the national approved letting scheme". Nalscheme.co.uk. Retrieved 2009-07-06.
- ↑ Foxtons Business Development News
- ↑ "New deposit scheme a positive step for UK lettings market". Foxtons.co.uk. Retrieved 2009-07-06.
