Tuesday, Mar 09, 2010
Foxtons in negative equity
Guardian: Debt-loaded takeover plunged Foxtons owner into negative equity
Estate agent chain known for its Minis falls victim to the housing crash as profit slumps 70% and debt reaches nearly £350m
Posted by doomwatch @ 09:20 AM (1198 views) Add Comment
6 Comments
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1. wiltshire said...
BC's managing partner, Andrew Newington, admitted in an interview last year that buying the business was a mistake: "We made the wrong call. The market decline was way too steep and we didn't anticipate it."
I've said this before, if only he'd been checking this site regularly. There were plenty of people here who could see what was around the corner.
2. timmy t said...
You have got to question the competence of a VC which buys an Estate Agent when it was so obvious that the market had peaked... but then to go and give the Chief Exec a 50% pay-rise... WTF?!?!?!
What did he have on them?
3. symo said...
Sorry haven't stopped laughing yet.
Job losses to follow one presumes.
4. icarus said...
Steep pay rises at the top of a failing company. Sounds familiar. Was it to prevent his being head-hunted by Dubai developers?
5. doomwatch said...
Greed in blind.
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