One of the country's largest estate agents has been sold. Foxtons, prevalent in the London area, has accepted a sale price of £390million from private equity firm BC Partners although Foxtons US business is not part of the deal, according to Reuters (London).
Started in 1981, Foxtons now has 20 branches and a turnover of around £100million. With a fleet of distinctive liveried Mini Coopers and cafe style branches with large screen TVs, the sale also includes Alexander Hall, the group mortgage specialist.
The timing of the sale is somewhat interesting however, as it follows an infamous BBC report from last year highlighting a potential problem of overly aggressive sales staff and a mortgage market that analysts believe is starting to show signs of slowing following four interest rate rises since August of 2006 from the Bank of England.
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