Rumours have been circulating for months, but it’s now official – estate agents Foxtons is planning to float on the London Stock Exchange.
Buoyed by very strong performance in the London property market, where Foxtons is a major player, the company says it will now go public, in hopes of raising £55m. It has been valued at up to £500m.
Foxtons has 42 branches in and around London and was hard hit by the recession, but has since returned to profitability.
It plans to raise capital in order to pay off all its outstanding debts, and plans to allow its executive directors and employees to sell proportions of their stakes as part of the float.
Senior managers could earn up to a £100m windfall, it has been reported.
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