| The Cunning of a Fox? | |||||
Founder Jon Hunt linked with Foxtons reinvestment
Foxtons founder Jon Hunt is thought to be considering a reinvestment in the estate agency chain, which he sold for £390m to BC Partners at the pinnacle of the property boom. At the time, Mr. Hunt stated that the company had “huge potential for continued growth under new ownership”. However, earlier this year BC Partners admitted they were “regretting” the purchase, calling it a “mistake with hindsight.” Neither party have commented on the matter though sources close to the company speculate that Hunt could buy back into the fold at a considerably smaller price, in order to help Foxtons meet interest payments on its growing debt. Both Bank of America and Mizuho of Japan have already loaned the estate agency the money to help clear this debt, and are said to be closely monitoring the company ’s financial situation to ensure loan targets are on course to be met at the quarterly review later this month. Foxtons stated that it was 'confident' that this time none of the loan agreements would be broken. |