Former owner to buy back Foxtons debt
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Former Alexander Hall and Foxtons owner BC Partners is set to buy back as much as £20m of the estate agency’s debt and equity.
According the Financial Times, the private equity group which ceded the majority share of the business to Bank of America and Mizuho in January of this year, is set for a turnaround after a successful year for the estate agent.
The FT says BC Partners, which now holds a £50m stake in the business as the largest minority shareholder, is in talks with both banks to buy back some of the debt which was restructured at the end of 2009. It is unknown what the final buyback amount will be.
Both BC Partners and Foxtons declined comment to the FT.
In its last set of accounts, Foxtons revealed profits of £16.7m, up from a loss of £980,000 in 2008.
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