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Foxtons Group has raised £22 million to help it through the COVID-19 crisis via a share placing.
Nearly 54 million new shares were placed, by its City investment adviser Numis Securities, at a price of 40p — a significant discount of 4.2%.
Like many residential agents, the group has felt the significant pressure caused by the current health crisis, and announced that it needs the cash to cover all eventualities during the Coronavirus crisis including a ‘worst case scenario’.
Significant portions of the new shares have been bought by many of the firm’s senior staff, including CEO Nic Budden (150,000 shares), non-executive chairman Ian Barlow (100,000), CFO Richard Harris (60,000), non-executive board members Sheena Mckay (30,000) and Rosie Shapland (20,000), and COO Patrick Franco (20,000).
In addition, Caledonia Investments PTY Ltd has purchased 6.1 million shares for £2.4 million, and Platinum Investment Management Ltd has bought 2.8 million shares for £1.1 million.
Foxtons Group now has a market cap of £105 million, a quarter of the price paid for the company in 2007 when it was purchased by BC Partners from founder Jon Hunt for £390 million.
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.
Photo copyright Foxtons.