|Foxtons Founder Pockets An Estimated £370m|
As estate agency sells to private equity firm
Chiswick based Foxtons has been sold to private equity firm BC Partners for an amount understood to be in the region of £400m.
Foxtons founder Jon Hunt (pictured right) who owns 97% of the company will bank the bulk of the millions with Foxtons' management team receiving a cut of the remaining 3%.
Alexander Hall, the mortgage broker arm of the business was also sold.
Set up in 1981, Foxtons has 20 branches in London and generated sales of more than £100m last year.
According to the Financial Times, BC Partners bought the UK business only and the smaller US business will continue to be majority owned by Hunt.
Mr Hunt said Foxtons, which employs 1,300 staff, had huge potential for continued growth under new ownership.
He said "BC Partners share our vision and our commitment to its continued expansion."
May 22, 2007