Foxtons has confirmed that it is reviewing strategic options for mortgage broking business Alexander Hall Associates, which could include the possible sale of the division.
This follows press speculation that mortgage advice firms have been approached by third parties acting for Foxtons as it searches for a buyer for the Alexander Hall business.
In a statement to the market this morning, the London-based estate agent said that it is looking at its options in relation to its mortgage broking business
“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.
“A further announcement will be made if and when appropriate.”
Back in April, Foxtons said mortgage broker revenue had increased by 20% to £2.3m in Q1 2021 from £1.9m a year earlier, driven by new purchase activity.
For all of 2020, mortgage broking revenue was £8.1m, down 4.7% from £8.5m in 2019.
Foxtons share price has fallen from around 74p in January to around 46p now and earlier this month it announced that its chairman is standing down.
Comments (2)
“Strategic” an inapporpriate word to use for Foxtons chief BODS .Unless they can obtain a premium price + for Alexander Hall doesn’t seem to make a lot of sense selling .
Then neither does their £3m investment in Boomin when other agents are enjoying a free lunch on a suck it and see basis .
£14m for Douglas & Gordon where its difficult to see they can add much value.
D & G ‘s Gloucester Road branch, 40% of their inventory has been on the market for 12 months or longer .How long does it take for a vendor to walk?
46p. Less than a bag of crisp.