Foxtons Group plc
TypePublic limited company
LSE: FOXT
Industry
Founded1981 (1981)
FounderJon Hunt
Headquarters
London
,
United Kingdom
Key people
RevenueDecrease£126.5 million (2021)[1]
Increase£(7.6) million (2021)[1]
Increase£(1.3) million (2021)[1]
Number of employees
1,161 (2021)[1]
Websitewww.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]

Foxtons was acquired by private equity firm BC Partners in 2007 for £390m.[4]

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.[5]

On 27 August 2013, Foxtons unveiled its flotation on the London Stock Exchange to raise £55m from private investors.[6]

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.[7]

In May 2022, Nic Budden stepped down as CEO and Peter Rollings took over as interim CEO; it was announced that Guy Gittins would take up the post on a permanent basis in September 2022.[8]

Controversies

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.[9]

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.[10]

Operations

Foxtons has over 50 offices.[11][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

  1. 1 2 3 4 "Annual report 2021" (PDF). Foxtons. Retrieved 21 July 2022.
  2. ↑ "Full Foxtons history". Foxtons.co.uk. Retrieved 2009-07-06.
  3. ↑ "Foxtons Minis". Foxtons.co.uk. Retrieved 2009-07-06.
  4. ↑ "Second time lucky: buyout firm snaps up Foxtons again". Sunday Times. 2007. Archived from the original on December 19, 2013. Retrieved 14 June 2015.
  5. ↑ "Foxtons taken over by banks". The Daily Telegraph. London. 2010-01-08. Retrieved 14 June 2015.
  6. ↑ "Foxtons unveils float to raise £55m". The Telegraph. 27 August 2013. Retrieved 14 June 2015.
  7. ↑ "Budden takes over as CEO of Foxtons". Estate Agent Today. 4 June 2014. Retrieved 14 June 2015.
  8. ↑ "All change at Foxtons as CEO Budden is replaced by Guy Gittins". Negotiator. 30 May 2022. Retrieved 30 May 2022.
  9. ↑ "The secret agent". BBC News. 21 March 2006. Retrieved 14 June 2014.
  10. ↑ BBC WatchDog 15-5-2013. YouTube. 16 May 2013. Archived from the original on 2021-12-21. Retrieved 14 June 2015.
  11. ↑ "Foxtons: Contact our offices in London and Surrey". foxtons.co.uk. Retrieved 2 March 2017.
  12. ↑ "Foxtons". GetAgent. GetAgent. Retrieved 21 May 2021.
  13. ↑ "Foxtons Limited". The National Association of Estate Agents. Retrieved 14 June 2015.
  14. ↑ "OEA Press release". Oea.co.uk. Archived from the original on 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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