Subscribe Feed (RSS)Woe for Foxtons as owners BC partners seek £90 million equity swap
April 14th, 2009 by Karelia | Filed under London property finders, london property news.Musings of a London Property Finder
In 2008 Foxtons lost approximately half their staff but it wasn’t enough and now BC Partners who bought the infamous estate agents at the height of the property market in June 2007, are seeking a debt for equity deal with lenders. In a piece in The Guardian newspaper yesterday, the value of the debt to be written off is estimated at £60-£90 million.
Tellingly Andrew Newingly, BC Partners London head admitted for the first time earlier this year that the firm “had got it wrong”, and that the £370 million purchase of Foxtons had been a mistake.
So for those readers who bought at the top of the market in 2007 just think – it could be worse: you could be down £370 million, not just a few hundred thousand. And at least you have somewhere to lay your head at night!
And for those of you wishing to dispose discretely of prime London property, or to rent your abode to one of our fabulous tenants, we are the favourite London Property Finders of several discrete top end companies and would be delighted to deal directly with you.
Tags: Estate Agents, Foxtons, London Property Finder, London property finders, london property news
