Controversial London estate agents Foxtons, has announced record profits just two years after being rescued from the brink of receivership.
To the year ending 31st December 2010 the mini driving suits posted profits of £35.4 million (over £1 million per branch office) against a turnover of £98.3 million. A whopping margin and one that surpasses their previous profit levels which saw them sell the business to BC Partners for £375 million in 2007, just before the bubble burst.
Chief Executive Michael Brown stated the ‘London housing market boom’ as the reason for Foxtons’ recent success. In other words, a much easier market and one that certainly doesn’t justify the average Foxtons selling fee of £7000.00.
TWENTY times that of eMoov.co.uk. For the same job, minus the annoying Minis.