Foxtons, Good News ....

rl290

matbe wrote: »

Where is the 50m?

He sold for 360m, but " lent" them 50m that he would only get back if the business met certain conditions (e.g. hitting business plan targets etc). This is an often used way to keep a vendor honest... but in this case the 50m is so eclipsed by the 310m that he keeps regardless of what happens that it was pointless. Another example of a private equity company getting the risk/reward/insurance balance wrong at the boom.

R

ohyespleasethankyou

maz_student wrote: »

Are they really that bad? I was looking at some of their properties online last week. Does anyone have any first-hand stories? Up till now I honestly thought they are a reputable company who care about their image!

I went with them when I sold a flat several years ago. I was keen to sell and the EA was well-pleased to find me a young couple who loved the flat. Trouble was they were struggling to reach the mortgage required and would I accept 10k less - they were so in love with the flat and had to move out of their rental place so could I move quick? They then insisted I complete a month before my new place was ready for exchange and on the day of exchange they tried to drop the price another 5k. They then didn't move in for three months while it was 'developed'. Turns out they and the estate agent had been buying flats for development for months and it was all bull on the EAs part. At one point I wanted to speak to him, called Foxtons to be told he was out of the office. I was actually outside the window watching him reading a paper at his desk. Partly my own fault but shows up Foxtons for the type of people they employ?

Max_Headroom_3

However, it has also emerged Mr Hunt, Britain's richest estate agent, was less fortunate than it first appeared when he pocketed £360 million for Foxtons in July 2007. Mr Hunt lent BC Partners about £50 million to buy Foxtons from him, which will not now have to be repaid because Foxtons has not performed as well as Mr Hunt predicted. Mr Hunt, who founded the business in 1981, was paid £7.5 million in dividends in the last two years he owned the business.

Less fortunate!!?? :rotfl:

What, "only" ending up with £310 million after selling at the very very peak!? Yeah, he must be gutted at his "misfortune".

chris_spackman

We've got some right tw4ts in Bournemouth. They drive around in Audi's Smart Cars and Minis down here with their names plasted all over them

They drive like they got their license off the back of a cereal box, dress like !!!!!! and speak to you as if you know 0 about a house or flat. I was shown around a place once and the Girl looked like she was selling makeup, it was a very hot sunny day and i though she was going to melt. and i thought the guy was a rep for Nokia, he could not leave his 3 phones alone 'oh it's the office trying to get through but a possible client is calling me on the other one' What a tw4t.

Will the internet be the death of the hight street EA? I see lots of people selling houses through Gumtree. Is it true people started to sell their homes in private rather than through an EA when the HIP packs came out?

MiserlyMartin

Good riddance to Foxtons. One business that the crunch was made for, or that helped made the crunch.