Foxtons
Encyclopedia
Foxtons is a London and Surrey estate agent
with 32 offices, dealing with both lettings and sales. It was founded by Jon Hunt
in 1981 and was acquired
by private equity
firm BC Partners
in 2007 for £390m.
In May 2008 the Camden office was opened becoming the largest estate agent office in Europe.
, London, as a two-person estate agency. In 1982, Foxtons opened a second office in Fulham Broadway, using a "0% commission" offer.
2001 saw the launch of promotionally branded Minis, bearing the Foxtons logo.
In early 2010 Foxtons launched its new 'X-ray Mini' which was created in collaboration with contemporary artist Nick Veasey. Two new offices were also opened - North Finchley and Temple Fortune. In 2011, Foxtons launched it's 30th office in Blackheath, with the latest office due to open in Marylebone in April 2011, taking the total number of Offices to 31.
Agents,
and the The National Approved Letting Scheme
as well as Tenancy Deposit Protection Scheme
Foxtons is known for its high fees for rentals and have been the subject of an injunction from the Office of Fair Trading
due to the alleged use of unfair terms in their letting contracts, although their terms and conditions are now approved by the OFT.
In March 2006 the BBC
launched an investigation called "Whistleblower" accusing estate agents including Foxtons of "lying to customers, faked signatures, false passports and dodgy deals with developers".
In January 2008 they were criticised for their staff launching "a barrage of vicious and personal attacks" against residents of Balham
via the website of a local newspaper.
and has now filed for Chapter 11 bankruptcy. According to Foxton's own website, it is no longer engaged in the listing of homes in the United States.
On October 17, 2008 a class action lawsuit was filed by attorney David A. Krenkel, Ocean Twp., New Jersey on behalf of the Foxtons' employees. The lawsuit is seeking class action status against the discount real estate brokerage for allegedly firing employees without sufficient warning. The lawsuit was filed in Federal Court in Trenton, NJ and claims Foxtons laid off 350 of its 380 workers in late September without 60 days notice as required by the Federal WARN Act.
In 2009, David Krenkel, a New Jersey employment lawyer, and Lisa Krenkel from the law firm of Krenkel & Krenkel, LLC, along with co-counsel, The Gardner Law Firm, Lankenau & Miller, LLP and Margolis Edelstein, settled a class action lawsuit for $475,000.00 against Foxtons, Inc., a discount real estate brokerage firm located in West Long Branch, New Jersey. The complaint was filed in the United States Bankruptcy Court and alleged that Foxtons terminated 350 employees without sufficient warning. The lawsuit alleged that Foxtons violated the Worker Adjustment and Retraining Notification Act, 29 U.S.C. 2101, et seq.
Private equity firm BC Partners loses control of London estate agent, less than three years after buying it for £390m. BC Partners, which oversees a €5.8bn (£5.2bn) fund, lost control of Foxtons after creditors reorganized the real estate broker’s debt in December 2009.
Estate agent
An estate agent is a person or business that arranges the selling, renting or management of properties, and other buildings, in the United Kingdom and Ireland. An agent that specialises in renting is often called a letting or management agent...
with 32 offices, dealing with both lettings and sales. It was founded by Jon Hunt
Jon Hunt
Jonathan Hunt, aka Jon Hunt, is a British Estate Agent who founded the Estate Agency, Foxtons.He has a country mansion in Suffolk called Heveningham Hall. He now owns Ocubis, the London serviced office business...
in 1981 and was acquired
by private equity
Private equity
Private equity, in finance, is an asset class consisting of equity securities in operating companies that are not publicly traded on a stock exchange....
firm BC Partners
BC Partners
BC Partners is a private equity firm specialising in buyouts and acquisitions financing in Europe and the United States. The firm invests across all industries...
in 2007 for £390m.
In May 2008 the Camden office was opened becoming the largest estate agent office in Europe.
History
Foxtons was founded in 1981 in Notting Hill GateNotting Hill Gate
Notting Hill Gate is one of the main thoroughfares of Notting Hill, in the Royal Borough of Kensington and Chelsea. Historically the street was a location for toll gates, from which it derives its modern name.- Location :...
, London, as a two-person estate agency. In 1982, Foxtons opened a second office in Fulham Broadway, using a "0% commission" offer.
2001 saw the launch of promotionally branded Minis, bearing the Foxtons logo.
In early 2010 Foxtons launched its new 'X-ray Mini' which was created in collaboration with contemporary artist Nick Veasey. Two new offices were also opened - North Finchley and Temple Fortune. In 2011, Foxtons launched it's 30th office in Blackheath, with the latest office due to open in Marylebone in April 2011, taking the total number of Offices to 31.
Trade bodies
Foxtons is a member of The Property Ombudsman, The Association of Residential LettingAgents,
and the The National Approved Letting Scheme
as well as Tenancy Deposit Protection Scheme
Tenancy Deposit Scheme
Under the provisions of the United Kingdom Housing Act 2004 every landlord or letting agent that takes a deposit for an assured shorthold tenancy in England and Wales must join a tenancy deposit scheme. The new regulations came into effect from 6 April, 2007....
Foxtons is known for its high fees for rentals and have been the subject of an injunction from the Office of Fair Trading
Office of Fair Trading
The Office of Fair Trading is a not-for-profit and non-ministerial government department of the United Kingdom, established by the Fair Trading Act 1973, which enforces both consumer protection and competition law, acting as the UK's economic regulator...
due to the alleged use of unfair terms in their letting contracts, although their terms and conditions are now approved by the OFT.
In March 2006 the BBC
BBC
The British Broadcasting Corporation is a British public service broadcaster. Its headquarters is at Broadcasting House in the City of Westminster, London. It is the largest broadcaster in the world, with about 23,000 staff...
launched an investigation called "Whistleblower" accusing estate agents including Foxtons of "lying to customers, faked signatures, false passports and dodgy deals with developers".
In January 2008 they were criticised for their staff launching "a barrage of vicious and personal attacks" against residents of Balham
Balham
Balham is a district of London, EnglandBalham can also refer to:*Balham, Ardennes, a commune in France*Balham station, railway and tube station in Balham, London*Balaam, a Biblical figure...
via the website of a local newspaper.
Foxtons USA
Foxtons North America, was a subsidiary of Foxtons in New YorkNew York
New York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...
and has now filed for Chapter 11 bankruptcy. According to Foxton's own website, it is no longer engaged in the listing of homes in the United States.
On October 17, 2008 a class action lawsuit was filed by attorney David A. Krenkel, Ocean Twp., New Jersey on behalf of the Foxtons' employees. The lawsuit is seeking class action status against the discount real estate brokerage for allegedly firing employees without sufficient warning. The lawsuit was filed in Federal Court in Trenton, NJ and claims Foxtons laid off 350 of its 380 workers in late September without 60 days notice as required by the Federal WARN Act.
In 2009, David Krenkel, a New Jersey employment lawyer, and Lisa Krenkel from the law firm of Krenkel & Krenkel, LLC, along with co-counsel, The Gardner Law Firm, Lankenau & Miller, LLP and Margolis Edelstein, settled a class action lawsuit for $475,000.00 against Foxtons, Inc., a discount real estate brokerage firm located in West Long Branch, New Jersey. The complaint was filed in the United States Bankruptcy Court and alleged that Foxtons terminated 350 employees without sufficient warning. The lawsuit alleged that Foxtons violated the Worker Adjustment and Retraining Notification Act, 29 U.S.C. 2101, et seq.
In the media
In September 2010, Foxtons opened their 27th branch in Streatham, South London. To celebrate the opening they announced a 0% commission deal for new vendors. This 0% deal is now standard for evey new office that Foxtons opens.Private equity firm BC Partners loses control of London estate agent, less than three years after buying it for £390m. BC Partners, which oversees a €5.8bn (£5.2bn) fund, lost control of Foxtons after creditors reorganized the real estate broker’s debt in December 2009.