Estate agent business Foxtons has formally outlined its plans to pursue an initial public offering.
Having started life as a two-person operation back in 1981, Foxtons is set to use the London capital markets for its next stage of growth.
The business, which has been backed by London-based private equity firm BC Partners since 2007 when the investor paid £360 million for the company, services mainly the London housing market. Currently, Foxtons has 42 branches and also offers mortgage advice.
For 2012, Foxtons posted revenues of £120 million and an EBITDA of £38.6 million. The first half of 2013 has seen growth of 10.5 per cent in revenues over the same period in 2012 and 14.3 per cent growth in EBTIDA.
According to a statement, the initial public offering (IPO) is expected to raise £55 million, which will be used to pay down existing debt.
The business also says that the offer will comprise of a partial sale by BC Partners as well as allowing executive directors the chance to achieve a partial realisation of investments.