The ill-timed acquisition of Foxtons has cost venture capital firm BC Partners around £100m, it has been revealed.
However, the firm – said to have breached banking covenants since the purchase – remains upbeat about Foxtons’ future, saying that it will expand its network.
BC Partners has had to agree to a rescue deal of the controversial estate agency firm, which it bought for £360m at the height of the market in 2007.
It has retained a stake in the business, in return for pouring in more money whilst having a large part of its debts in Foxtons written off by the banks.
Bank of America and Japanese bank Mizuoho are now the majority owners after the debt-for-equity deal. The banks will appoint their own directors to the Foxtons board.
This week, BC Partners will be writing to its investors to update them on the latest valuation of the fund in which it holds Foxtons. Foxtons represents less than 2% of the total of the fund.
Andrew Newington, BC’s managing partner, remains bullish about Foxtons, which he says will now open new offices.
He said: “We have backed our conviction that Foxtons is an excellent company.”
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Comments
Richard, RichardJeffrey, Richard Jeffrey or whichever name you care to use next. (you will note that I never change the name I care to use on this site. I only ask that people respect my wish to be called PeeBee and do not resort to futile childish bastardisation in a lame attempt to score points.) You see, Richard, I do not see this as a game, as you clearly do. I do not wish to enter into a point-scoring exchange with you. (I will not start a ruck - but I have never walked away from one and have never been the one left dumped on my sorry ass at the end.) This is not a game, as you seem to liken it to. The previous poster has a totally has a point. Why waste your life being negative - it is certainly all you seem to be capable of on this site. B***h-slapping isn't getting us any further, is it. I have an opinion - you have a differing one. End of story - no need for fisticuffs. Mind you, if I had your opinion, I wouldn't want it either... Now - let us all get back to selling, buying, renting, surveying or whatever. And entering the occasional subjective post on here that kicks you off again, methinks!
Why can people just not have a different opinion without people getting offended. Its getting tired, people are always looking for the first instance to get offended and retiliate, its sad. So what if people have their own opinions. Why can't people accept it, it's beyond belief, no wonder people are so depressed nowadays, everyone is always so negative.
PeeBee, PeeWee PeeBrain whatever- thanks for proving my case. Game set and match. Can't believe its your real name but then again.......
RichardJeffrey. Look - I am deeply sorry that your Mother did not give you the love you obviously feel you deserve - but don't take all your aggression out on me. And at least I have the common decency to get your name right - oh, but then again, you were just practicing some of the childishness you accuse me of, weren't you? Get a life, sunshine. Mine was a comment - yours an attack. Attention seeking? Take a look in the mirror, pal.
Pee brain, what a ridiculous post- how can it ever have been any but “ill timed”, badly thought out possibly and open to question, but defiantly ill timed, try not to just post simply to argue or disrespect, very childish attention seeking, but your posts generally are.
"...ill-timed..."? I would have thought that they must have considered the timing very closely - otherwise why do it?