nic Budden
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Latest property news
Foxtons’ turnover crashes by 22% during first half of year
Latest results show the heavy impact of Covid on its business, but a marked recovery in lettings since the housing market reopened.
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Latest property news
Foxtons asks investors for £22 million to help survive Coronavirus
Two existing City investors and seven members of its senior teams and board have bought many of the 54 million shares issued to raise the cash.
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Latest property news
Foxtons furloughs some staff and cuts pay for rest as revenues slump
The agency is battening down the hatches and planning for all eventualities including a Coronavirus 'worst case scenario' and is therefore raising extra cash from the City.
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Foxtons finds the cash to go electric on the road
London estate agency giant Foxtons has announced it is to spend significant sums making its fleet of 850 minis electric just weeks after announcing it is closing half a dozen branches in order to cut costs. Foxtons says the project will take ten years to complete and has claimed that there still aren’t enough electric vehicle charging points in the capital. “Without increased charging points, greater access to ultra-fast charging and more off-road parking, businesses like ours, which often require frequent and rapid vehicle charging, will find the transition extremely challenging,” says CEO Nic Budden. “We support the Mayor of London’s vision for an expansion of London’s EV-charging network but ask that this roll-out is accelerated so more businesses can make the switch sooner.” Budden also revealed that the company is to become a member of EV100, a not-for-profit green campaigning group dedicated to accelerating the adoption of electric vehicles Upfront costs Foxtons is also calling for greater transparency around future EV costs, including company car tax rates and expiry dates of existing grants, and for more support with the upfront costs incurred while upgrading an entire fleet to electric. “This is a great example of how companies can accelerate…
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Foxtons to cut bonuses to its top directors following shareholder revolt
Foxtons is to change the bonus scheme for its top team following a shareholder revolt at its most recent Annual General Meeting. Over a fifth of shareholders rebelled and voted against the company’s remuneration committee report on May 20th. This had recommended that if Foxtons achieves its ‘maximum performance’ this year CEO Nic Budden will be paid £1.74 million and CFO Mark Berry £779,000 through a mixture of a £300,000 base salary, a variable element and a long-term ‘bonus’. Although the shareholder revolt was not enough to defeat the recommendations, it showed that shareholders were unhappy with such a generous reward scheme when the company is struggling. Its latest quarterly results released two weeks ago showed revenue down 7% to £32.5 million for the three months to September, taking its total revenue for the year to £88.1 million, a reduction of 5% on the previous year. Concerns raised “In our AGM Statement the Board acknowledged the concerns raised by shareholders regarding the FY2018 bonus outcomes and the impact this had on the level of support for the resolution approving our 2018 Annual Report on Remuneration,” a company statements says. The committee has now suggested a new bonus scheme that will…
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Latest property news
Foxtons gambles on fees ban by not hiking charges to landlords
The London estate agency says that despite lower revenues in lettings, the tactic has already helped the company gain more market share.
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Foxtons figures down by 3.5% as Brexit woes remain
Troubled agent's CEO, Nic Budden, blames prolonged downturn in London sales market for losses in first half of 2018.
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Fifth of Foxtons’ shareholders revolt over pay structure for senior directors
For a second year in a row investors in the ailing estate agency have shown their displeasure at the pay packages of executives.
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Foxtons makes its first loss since going public
The costs of shutting six branches and writing down goodwill pushed the troubled estate agency into a £17.2 million loss for 2018,
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Latest property news
Foxtons makes its first loss as shrinking London sales market decimates revenues
Foxtons says it made a loss over the past six months as London’s difficult sales market drove down its turnover by 9% to £53 million during the first six months of the year. The unprecedented £2.5 million loss before tax compares to a £3.8 million profit during the same period last year. Its half yearly interim results make for grim reading, although at least its lettings business is holding its own. 23% sales decline Revenue created within lettings only dropped by 1% to a revenue of £31.7 million, compared to a 23% decline in sales revenue to £17.2 million. The rest of its revenue came from the firm’s Alexander Hall mortgages business, which turned over 4.1 million and is surviving on remortgaging activity rather than property purchases. Comments within the report suggest that, while Foxtons is facing harsh trading conditions, it is likely to be in the same boat as other London estate agents. Foxtons says it remains the market leader in both sales and lettings despite the poor figures, suggesting there is little that CEO Nic Budden and his leadership team can do. “The property sales market in London is undergoing a sustained period of very low activity levels with…
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