Foxtons’ founder sells for £390m
Jon Hunt, the founder of Foxtons the estate agent, has sold his business in a £390m deal
Jon Hunt, the founder of Foxtons the estate agent, has sold his business in a £390m deal.
Hunt, who established the company in Notting Hill in 1981, has overseen its growth into a £100m plus turnover business with 20 branches while retaining over 95% of the equity.
The company has drawn considerable attention, with its branded Mini Coopers and flashy café style offices, not to mention some less than favourable headlines following a BBC Panorama programme which brought the company’s sales tactics into question.
However, Hunt has now decided to sell the UK arm of the business which includes advisers Alexander Hall Associates to private equity group BC Partners, although he will retain the US operations.
“I am happy to hand over the reins, knowing that what we have started has a very long way still to go and that all my colleagues at Foxtons will continue to prosper,” said Hunt.
Michael Brown, currently chief operating officer, will be appointed chief executive of the company once the sale has been completed which is expected to be within six weeks.
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