Foxtons' troubles revealed at last

The true financial picture at troubled estate agency Foxtons has emerged after the publication of long overdue financial accounts showing losses of £220m.

Foxtons was sold by founder Jon Hunt for £390m in 2007 to private equity outfit BC Partners.

But in January this year Foxtons was taken over by its lenders after it struggled with its debt amid the market downturn.

Accounts for Foxtons Holdings for the year to December 31, 2008 show the company made a £220m loss on a turnover of £84m, due in part to a £163m write-down in goodwill.

Interest on bank and other loans, some at 15%, came to a sizeable £39m, with Foxtons owing £376m by the end of the year.

Article from: www.thisismoney.co.uk 08/03/10

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