The investor that purchased Foxtons estate agents just before the onset of the credit crunch has admitted that the purchase was an error. The property entrepreneur who started the estate agency, Jon Hunt, sold out to BC Partners for £360 million shortly before house prices started crashing.
The managing partner of BC Partners, Andrew Newington, agreed that the purchase was badly timed. Since May 2007, the property market has slowed down by some 70 per cent, way above any expectations.
Although BC Partners have already breached loan covenants and are missing debt to earnings targets, the company is negotiating with lenders to keep development ongoing. Estate agencies are one of the industries hardest hit by the credit crunch.
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Purchasing Foxtons Estate Agents badly timed, investors admit Fri, 09 Jan 2009
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