Foxtons chairman Ian Barlow resigns amid shareholder revolt over wages and sickly share price



Hosking Partners, the fund management group led by former Marathon Asset Management stock breeder Jeremy Hosking, has reportedly pushed for change due to the weakness in Foxton’s share price.

Today, chairman Ian Barlow resigned after eight years with the company, saying he would leave when a successor was appointed.

Barlow acknowledged that the company had underperformed due to “challenges in the London property market”, but said a growth strategy unveiled in June “will lead to a substantial rebound in performance”.

He said: “Our strategy will take time to materialize and with only one more year to serve under UK governance rules, I consider it a good time to hand over to a successor to oversee its execution. “

Hosking reportedly wrote to Barlow in June to complain about the share price which was still a third below what it was before Covid despite other realtors having benefited from an exceptional exchange as the market in housing rebounded with stamp duty relief and general pushback demands as lockdowns eased.

Almost 40% of shareholders voted against the company’s compensation report in May after chief executive Nic Budden received a cash bonus of £ 389,000 and £ 569,000 of shares despite Foxtons receiving nearly £ 7million in government support, including £ 4.4million in paid leave.

Josh Ponniah, partner at Catalist Partners, a Foxtons shareholder, welcomed the news and said in a statement, “We hope the company will take this opportunity to complement the board of directors with specific industry expertise and l entrepreneurial spirit needed to ensure Foxtons is able to restore the market. share lost since 2015, pursue growth in new areas, leverage its technological advantage and realize the untapped potential that we see in the business.


Leave A Reply

Your email address will not be published.