Foxtons to buy more smaller agencies to grow lettings book
Guy Gittins says the firm needs to boost its lettings book, and will do this with a takeover strategy.
Foxtons is planning to buy up smaller agencies in London in a drive to generate more lets on its books.
The agency’s CEO Guy Gittins (main picture) revealed the strategy in an interview with the Daily Telegraph, where he says boosting the number of lets is a top priority.
Gittins, who took over the reins at Foxtons in September, also says the firm is to be more flexible in its fees at some branches to make it more competitive.
Group revenue is ahead of market expectations at around £140m (up 11% year-on-year) while adjusted operating profit is also up, Foxtons revealed in a trading update last week before full-year results are released in March.
The former Chestertons boss returned to Foxtons, rejoining the company Gittins started his career with, and he wants to take the company back to many of the practices he experienced in his first stint.
Work hard, play hard
So, he has revived the ‘work hard, play hard’ culture, and reintroduced rewards for high performance such as skiing holidays, staff parties and improved bonuses.
It’s in the DNA of Foxtons – we are the original industry disruptor.”
“The problem we have is that we used to be the innovator, but over the past 17 years we’ve stayed the same while our competitors evolved,” Gittins says.
“That’s what we have to change now. It will take time. But it’s in the DNA of Foxtons – we are the original industry disruptor.”
The Foxtons customer database known as ‘BOS’ is the agency’s secret weapon, Gittins believes, and he has hired more people to exploit the information it contains to create more leads.
Read the full interview here
