Foxtons has this morning confirmed that it’s ‘reviewing its strategic options’ for the company’s mortgage broking arm Alexander Hall including a potential sale.
The comments follow rumours that the estate agency’s 25-year-old mortgage division has been touted around several competitor brokerages in recent weeks, a lending industry website has reported.
Mortgage Solutions says a broker has been engaged to find a buyer for the business, which relies almost wholly on its links with Foxtons’ property sales division for its deal volume.
A sales is going to be tricky – Alexander Hall’s operations are based at five Foxtons branches in Canary Wharf, London Bridge, Shoreditch, Vauxhall and the West End of London as well as a consumer-facing website, and are deeply integrated into its operations.
A statement from the company this morning says: “Further to recent press speculation, Foxtons confirms that it is reviewing strategic options for Alexander Hall Associates Limited (“Alexander Hall”), its mortgage broking business, which could include the potential sale of the business.”
Alexander Hall Associates Limited was established in 1992 by Jon Hunt and in 2020 turned over £8 million on which it made a profit of £1.4 million.
It’s had a difficult pandemic – the volume sales in Foxtons’ prime key markets have nose-dived during Covid and saw nearly £500,000 wiped off its revenues during 2020 and senior staff and directors take a 20% pay cut.