Foxtons

Infobox company
company_name = Foxtons
company_type = Private
foundation = 1981
location_city = London
location_country = United Kingdom
industry = Estate agent, Real Estate
homepage = [http://www.foxtons.co.uk/ www.foxtons.co.uk]
Foxtons is a London and Surrey estate agent with 23 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. [ [http://business.timesonline.co.uk/tol/business/industry_sectors/construction_and_property/article1816578.ece Foxtons puts up ‘Sold’ sign as BC Partners steps in for £390m] ] [ [http://www.forbes.com/business/feeds/afx/2007/05/21/afx3741719.html BC Partners buys Foxtons in 390 mln stg deal] ]

History

Foxtons was founded in 1981 in Notting Hill Gate, London, as a two-person estate agency. [ [http://www.foxtons.co.uk/foxtons/about/foxtons.html Full Foxtons history] ] In 1982/3 Foxtons opened a second office in Fulham Broadway, using a "0% commission" offer.

2001 saw the launch of the first branded Foxtons Minis. [ [http://www.foxtons.co.uk/foxtons/foxtons_mini_cooper.html Foxtons Minis] ]

In March 2006 the BBC launched an investigation called "Whistleblower" accusing estate agents prominently including Foxtons of "lying to customers, faked signatures, false passports and dodgy deals with developers". [ [http://news.bbc.co.uk/1/hi/magazine/4826444.stm The secret agent] , by Anna Adams, BBC, 21 March 2006]

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. [ [http://www.telegraph.co.uk/news/main.jhtml;jsessionid=RCH55DC3TSPOVQFIQMFCFGGAVCBQYIV0?xml=/news/2008/01/20/nfoxtons120.xml Estate agents posed online to insult residents] , by Andrew Alderson, Daily Telegraph, 19/01/2008]

It is known for its high fees for rentals [ [http://www.bbc.co.uk/consumer/tv_and_radio/watchdog/reports/homes/homes_20080109.shtml Rental wrongs] - BBC Watchdog, 9 January 2008] and have resulted in an injunction from the Office of Fair Trading due to the alleged use of unfair terms in their letting contracts. [ [http://news.bbc.co.uk/1/hi/business/7264451.stm OFT acts against 'unfair' Foxtons] , BBC Website] , 26 Feb 2008]

Trade bodies

Foxtons have been criticised for not being a member of either the Royal Institute of Chartered Surveyors or the Association of Residential Letting Agents, because Foxtons is not bound by their codes of conduct. [ [http://www.guardian.co.uk/money/2008/aug/03/renting I could have had thousands in rent, but my letting agency let me down] , by Graham Norwood, The Observer, Sunday August 3 2008] Foxtons is a member of the [http://www.oea.co.uk/ Ombudsman for Estate Agents] [ [http://www.oea.co.uk/press_releases_07.htm#one OEA Press release] ] [ [http://www.landlordexpert.co.uk/index.php?news=440 Delight as Foxton's joins ombudsman scheme] ] [ [http://www.propertyweek.com/story.asp?storyCode=3081424 Estate agent ombudsman enlists Foxtons] ] [ [http://www.estateagencynews.co.uk/news/news-0307c.asp Hamer’s delight at major coup as Foxtons join Ombudsman Scheme] ] and the [http://www.nalscheme.co.uk/ The National Approved Letting Scheme] [ [http://www.nalscheme.co.uk/june_2007.htm Foxtons signs up to the national approved letting scheme] ] [ [http://www.housereview.com/forum/viewtopic.php?f=2&t=685 Foxtons Business Development News] ] as well as Tenancy Deposit Protection Scheme [ [http://www.foxtons.co.uk/news/2007/04/new-deposit-scheme-a-postive-step-for-uk-lettings-market.html New deposit scheme a postive step for UK lettings market] ]

Foxtons USA

Foxtons North America, was a subsidiary of Foxtons in New York and has now filed for Chapter 11 bankruptcy. [ [http://www.telegraph.co.uk/money/main.jhtml;jsessionid=UM1QOONYLFF21QFIQMFCFFOAVCBQYIV0?xml=/money/2007/10/08/cnfox108.xml US Foxtons files for bankruptcy] , Ben Bland, Daily Telegraph, 08/10/2007] According to Foxton's own website, it is no longer engaged in the listing of homes in the United States.

Criticisms

They have been accused of having the "avowed intent" to "drive up house prices". [ [http://www.timesonline.co.uk/tol/comment/columnists/janice_turner/article2599506.ece Foxtons! No! Bang goes the neighbourhood] ] The British anarchist group Class War have announced a week of action starting on 3 March 2008 against Foxtons in protest of their perceived role in the gentrification of previously working class areas. [ [http://www.myspace.com/fkfoxtons lling All Graffiti Artists It's time to F**k-A-Foxtons] ] [ [http://classisms.wordpress.com/2008/01/26/your-mum-works-for-foxtons/ YOUR MUM WORKS FOR FOXTONS] - Class War Youth blog]

References