Sunday, June 15, 2008

Private Equity hit the rocks… like in 2002!

Deals head for rocks

"Housebuilder Crest Nicholson and retirement-home operator McCarthy & Stone have both seen their debt trade at distressed levels, as have estate agents Foxtons and Country-wide. All were bought by private equity last year" There is an in-depth analysis of the upcoming collapse of Foxtons in the FT this weekend (but can't find on internet)... a joy to read!

Posted by confused76 @ 09:07 AM (716 views)
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4 thoughts on “Private Equity hit the rocks… like in 2002!

  • Not much prospect of a rescue for Foxtons IMO (I hope also).
    Why would anyone want to invest in an estate agency in this economic climate – especially one with such a tarnished repuation.

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  • This article is mostly about Bavaria yacht manufacturers, but underlines the difficulties highly leveraged companies (after equity buyouts) are having.

    Bavaria produce a range of yachts, which are popular with flotilla companies. Bavarias are also favoured by private individuals who purchase a sailing yacht as an investment and then take out an ‘arrangement’ with ‘agencies’ like Kiriacoulis Yachting who charter them out by the week for a share of the proceeds. The idea is that after a few years you have financed the purchase of your boat, and had the use of it (almost timeshare style) during that time. Disadvantage is that the boats are erm… well used on return to the owner.

    You can see how companies like Bavaria might suffer in an economic downturn if fewer people are having sailing holidays due increased costs like fuel surcharges on flights etc.

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