The battle for control over Foxtons future direction has taken a new twist after it has been revealed that major shareholder Hoskyn Partners has written to the estate agency’s chairman Ian Barlow outlining its dissatisfaction with the company’s performance.
The city fund, which is run by prominent Brexiteer Jeremy Hoskyn (pictured), recently increased its holdings in the company from 10.93% to 11.21%, making it one of the largest shareholders in the estate agency.
Hoskyn’s letter to Barlow outlines concerns over Foxtons share price, which has fallen from a 2014 high of £4 a share to 59p today, and remains a third lower than its pre-Covid price of 93p a share.
The complaints come despite the launch of a radical expansion plan by Foxtons’ C-suite team on Friday which includes using tech to increase profitability and opening virtual offices in the Home Counties and 15 cities around the UK.
But Hoskyns is not the only shareholder unhappy with the company’s performance.
Robin Paterson’s investment fund Catalist Partners, which holds a much smaller number of shares in the company, last week launched its own broadside against the Foxton board.
A Hoskyns spokesperson told The Times: “Hosking Partners believe the time has come for radical board-level change at Foxtons.”
The estate agency told the newspaper that: trading had been strong and that it “has a clear plan for growth and the board has total confidence in the executive team’s ability to deliver on the strategy”.