Foxton eyes up listing on London stock exchange

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.

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Hunter Ruthven

Hunter Ruthven

Hunter was the Editor for from 2012 to 2014, before moving on to Caspian Media Ltd to be Editor of Real Business.

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