Foxtons financing under discussion
Foxtons has been thrust into the limelight again following a report out today suggesting that its former controlling stakeholder, BC Partners, is in talks with Bank of America Merrill Lynch about buying back some of the agency’s debt.
The report in the Financial Times follows The Negotiator’s coverage in January detailing BC Partners' loss of control of the agency. This was the result of Bank of America and Mizuho becoming stakeholders following a refinancing deal that saw the London agency’s debt slashed by 60% to £120m.
The lenders were thought to have been offered their respective stakes in return for them agreeing to reduce Foxton’s £300m debt.
BC Partners bought Foxtons from the agency's founder, Jon Hunt, in 2007 – a deal, which is understood to have made Hunt around £360m.
The deal comes as Hunt is in the throes of rolling out a property investment fund to finance residential development schemes, initially across the South of England.
Meanwhile, Foxtons is understood to be mulling the opening of 20 new branches.
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