• Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
  • Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!

In a credit crunch don't buy an estate agency...

Collapse
X
  •  
  • Filter
  • Time
  • Show
Clear All
new posts

    In a credit crunch don't buy an estate agency...

    http://www.telegraph.co.uk/money/mai...5/cnfox125.xml

    ooooops,

    'The new owner of estate agent chain Foxtons, private equity group BC Partners, has been forced to call in banking advisers NM Rothschild to tackle the debt mountain that last year's highly leveraged £390m acquisition left the buyout group saddled with.',


    ouch...

    'BC Partners is now looking for ways to refinance more than £250m of debt provided by Bank of America and Japan's Mizuho, which is costing the private equity group annual debt interest payments of £26m.',


    Milan.

    #2
    shrewd businessmen to pay 10% interest on such a large debt
    "Condoms should come with a free pack of earplugs."

    Comment


      #3
      "BC bought Foxtons, famed for its company Minis, for £390m in May 2007 at the height of the market in a deal that saw founder Jon Hunt personally pocket £360m."

      Jon Hunt claims he is lucky - I am not so sure.

      Comment


        #4
        He was lucky. He timed it spot on, a few months later and he would have missed the opportunity.

        As well as the woeful housing market eating into their profits, the problem here is that debt financing costs have rocketed since 07. These problems are also similar to those who unwisely took out very large mortgages.

        Comment


          #5
          Originally posted by BrilloPad View Post
          "BC bought Foxtons, famed for its company Minis, for £390m in May 2007 at the height of the market in a deal that saw founder Jon Hunt personally pocket £360m."

          Jon Hunt claims he is lucky - I am not so sure.
          Maybe he is, he could have been called Mike
          The court heard Darren Upton had written a letter to Judge Sally Cahill QC saying he wasn’t “a typical inmate of prison”.

          But the judge said: “That simply demonstrates your arrogance continues. You are typical. Inmates of prison are people who are dishonest. You are a thoroughly dishonestly man motivated by your own selfish greed.”

          Comment


            #6
            Originally posted by Bagpuss View Post
            Maybe he is, he could have been called Mike
            Or like my friends brother:
            Surname: Hunt
            Christian name: Isaac.
            I am not qualified to give the above advice!

            The original point and click interface by
            Smith and Wesson.

            Step back, have a think and adjust my own own attitude from time to time

            Comment


              #7
              Originally posted by Turion View Post
              He was lucky. He timed it spot on, a few months later and he would have missed the opportunity.
              He was also lucky in finding some numskulls who thought that the gravy train was going to last forever.

              Even without the credit crunch, it must have been obvious that housing was overheated and was going to have to slow down soon

              tim

              Comment

              Working...
              X