http://www.dailymail.co.uk/news/arti...bt-crunch.html
The future of London's biggest estate agency chain Foxtons has been thrown into doubt by the unprecedented slump in home sales.
The chain, known for the fleet of liveried Minis used by its staff, has broken one of the terms of its £260 million of bank loans following the collapse in its commission income.
But its current owner, private equity firm BC Partners, has refused to inject more cash into the agency, leaving its fate in the hands of lenders Bank Of America and Japanese bank Mizuho.
Foxtons was sold for £360 million by its founder Jon Hunt in May 2007, just as the frenzied property boom was reaching its climax.
BC Partners today admitted 'we made a wrong call' in the price and timing of the deal.
Managing partner Andrew Newington said: 'As housing markets fall, so do estate agents, so we got that wrong. In hindsight, we made the wrong assessment of the market.'
I hope these arrogant fookers go to the wall!
The future of London's biggest estate agency chain Foxtons has been thrown into doubt by the unprecedented slump in home sales.
The chain, known for the fleet of liveried Minis used by its staff, has broken one of the terms of its £260 million of bank loans following the collapse in its commission income.
But its current owner, private equity firm BC Partners, has refused to inject more cash into the agency, leaving its fate in the hands of lenders Bank Of America and Japanese bank Mizuho.
Foxtons was sold for £360 million by its founder Jon Hunt in May 2007, just as the frenzied property boom was reaching its climax.
BC Partners today admitted 'we made a wrong call' in the price and timing of the deal.
Managing partner Andrew Newington said: 'As housing markets fall, so do estate agents, so we got that wrong. In hindsight, we made the wrong assessment of the market.'
I hope these arrogant fookers go to the wall!
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