Musings of a London Property Search Agent
The Telegraph reports that private equity group BC Partners who bought Foxtons from founder Jon Hunt last year for a reputed £390 million, are in discussions with Rothschilds to help restructure debt. Liam Vaughan writes that the group are looking to refinance over £250 million of debt which is currently costing circa £26 million a year in interest payments alone.
The group are not reportedly looking to shed staff or branches but hoping to cut costs through clever refinancing to improve cash flow to see them though the current difficult trading period. Anecdotally, however London Property Search Agents like us will know that since a high proportion of staff earnings at Foxtons are commission based, many members of staff have already left.