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TODAY'S OTHER NEWS

Foxtons: Swiss bank snaps up almost 10 per cent of agency

UBS, a Swiss multinational investment bank and financial services company based in Zurich and Basel, now owns approaching 10 per cent of Foxtons.

The troubled London-focussed estate agency - which late in 2018 revealed that it had closed six branches, including its landmark Park Lane office - has told shareholders and the London Stock Exchange that UBS Group AG now holds a 9.37 per cent stake.

UBS's holding following the deal was 13.3m indirect shares and right to recall lent shares equivalent to 165,835 shares, as well as equity swaps equivalent to another 12.3m shares.

Foxtons’ share price, like many other agencies, has seen dramatic falls in recent years.

Back in February 2014 it was almost 400p but was half that value by the end of 2014; more recently, in the first half of 2018, it struggled on between 70p and 80p but in recent months has languished below 55p.

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