Foxtons : Nigel Rich appointed new Foxtons Chairman following investor revolt
September 17, 2021 at 08:00 am
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Foxtons Group, London’s leading estate agency, has announced the appointment of Nigel Rich CBE as its new Chairman.
Mr Rich will replace the group’s Chairman of eight years, Ian Barlow who has been under heavy fire from investors in recent month over company salaries and dividend payments. Nigel Rich will be paid £150,000 per annum, of which, £50,000 will be paid in shares according to a company statement.
Ian Barlow commented on the handover, saying “Nigel is an excellent appointment and I am delighted we have secured someone with his capability and experience. It has, over the past eight years, been a great privilege to serve on the Board of Foxtons, a prominent London business with a great future.”
The news comes after relations between the Group and its investors deteriorated during the pandemic. In April nearly 40 per cent of shareholders voted against executive pay packages, following the estate agent’s decision to award CEO Nic Budden almost £1m in bonuses for the year.
Jeremy Hosking, the boss of Foxtons’ biggest investor, wrote to chairman Ian Barlow to outline his dissatisfaction that the company’s share price, which stands at about 52p, having fallen from around 94p per share before the pandemic. He was also unimpressed by pay at the estate agent.
In a nod to shareholders’ concerns Nigel Rich said, “I look forward to working with the management team to accelerate Foxtons’ recovery and returns to shareholders.”
In spite of the drama with investors Foxtons saw record revenue of £66.9m in the first six months of 2021 and treated shareholders to a dividend payment of 0.18p per share.
Read more:Foxtons faces yet another investor revolt over executive pay and share price
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Foxtons Group plc is a United Kingdom-based estate agency. The Company operates from a network of interconnected, single-brand branches and offers a range of residential property services across three segments: Lettings, Sales and Financial Services. The Lettings segment includes letting and management of residential properties and interest earned on tenants deposits. The Company provides tenant find, rent collection, tenancy renewal and property management services. It has a portfolio of around 26,500 tenancies. The Sales segment provides residential property sales agency for private sellers and new homes developers. The Financial Services segment includes arrangement of mortgages and related products under contracts with financial service providers. Under the Company's Alexander Hall brand, it provides mortgage broking and ancillary financial services products. Its technologies include single technology platform, customer portal - MYFOXTONS, Foxtons Data Platform.