Foxtons CEO tightens grip on agency in top table shake-up

Foxtons chief executive Nic Budden is to take up the work of the chief operating officer too.

In a statement to shareholders this morning, Foxtons announced that existing COO Patrick Franco was leaving the company and the board with immediate effect.

The statement says: “The Foxtons COO duties will be assumed by the CEO, Nic Budden.”

It appears this is a permanent change and not an interim move.

Foxtons chairman Nigel Rich adds: “I'd like to thank Patrick for his contribution to Foxtons over the last seven years and we all wish him well for the future. Cost control continues to be an area of focus, and over the last six months the Company's actions have included simplifying its Executive and Senior Management structures."

Today's statement also confirms that Chris Hough joins the board as chief financial officer and a director of the company.

Rich comments: “We are pleased to formally welcome Chris to a more streamlined Foxtons Board, and we are looking forward to working with him and the wider executive team as we continue to implement our growth strategy."

Foxtons has also confirmed that its annual general meeting will be on June 15 at its west London headquarters.

This event may be the scene of a debate on the future direction of the agency following an intervention last month.

A Canadian investment fund with a roughly two per cent share in Foxtons argued in March for the agency to be put up for sale because it had failed to realise value for shareholders. 

Converium Capital, in an open letter sent to Foxtons chair Nigel Rich and seen by the Financial Times, said: “As the London property market has started to rebound following its Brexit and Covid-19 induced malaise, Foxtons ought to have risen to its potential. Unfortunately, Foxtons has continued to underperform.”