Andy Pratt, chief operating officer at Alexander Hall, confirmed Foxtons was in the process of finding out more about market conditions for a possible float. He said: “Foxtons has been given a valuation of £400 million, which includes Alexander Hall. However the process has only just started.”
Indications have suggested that the £400 million could be used to fund an expansion of its US operation.
Thomas Reeh, chief executive officer at blackand
white.co.uk, said the move by Foxtons was a bold and positive step to be taking. “It is a very exciting time for the business. Listing is a good way to build the profile of a business and release funds. Alexander Hall and Foxtons are a very strong brands, particularly in areas like London and the South East.”
He added: “It is a very bold move for the organisation. The only concern is that Foxtons could be stretching itself too far going into the US. The American real estate market is ultra competitive, but it could be looking at forming stronger links in the US with other organisations that know and have experience of the market.”
