Shareholders call for Foxtons to be sold…

Foxtons shareholders are reportedly putting the board under pressure to put the agency brand up for sale

Two shareholders who own a combined 10% of the London agent are said to be pushing for the firm to be acquired.

Rhys Summerton of Milkwood Capital, which owns around 4% of Foxtons, told The Sunday Times: “If you look back, in 2015 Foxtons was a £1 billion company. But the public markets are no longer valuing the good work the management has done recently and the only way to extract fair value is for the board to carry out a sale process.”

Meanwhile, Canadian investor Converium Capital, which owns around 6% of Foxtons, has been calling for a strategic review and suggested the company could be  “highly strategic” acquisition target.

It comes amid several high profile estate agency acquisitions in recent weeks.

Chestertons was purchased for around £100m by the French company Emeria earlier this year, while Dexters, which snapped up Marsh & Parsons in January, is reportedly in talks to purchase rival Kinleigh Folkard & Hayward.

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