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Indeed, another merger/takeover in the sector that's rapidly consolidating !!
https://thenegotiator.co.uk/chestertons-bought-by-french-property-group/
….by a French group for £100m
Sure its not all doom and gloom and Foxys are making a good fist of things yet there are a number of branches with less than 20% of inventory away
October is usually the last busy month before February and the mortgage rate increases are only just appearing in monthly bank statements
Happy to be proved wrong of course
There are grounds for optimism regarding Q4, Sain.
We’re already nearly one month into Q4, and the number of properties sstc on Foxtons website is the highest since September 2022.
By my reckoning, Foxtons have over 1400 properties which are under offer, and should be completing in q4 or early Q1.
The number of properties currently for sale is about 25% higher than this time last year.
….so not all doom and gloom. But the outlook was much more positive in the summer period.
I’m expecting the update next week to announce Q3 revenues of 50m, but the outlook for 2024 is uncertain. Pretty much every update in recent years has been similar to that.
Good luck everybody
Gratification deferred .
Yet Q4 is likely to be a different story .
Fresh instructions are few and far between but there is not a fat lot Gittins can do about that.
Savills ?
More likely to be flashing the cash in Europe filing gaps than considering any resi agency purchases in UK.
Although you would have thought Winkies would be a good fit being quite "tweedy"
Still suffering from indigestion after writing off their investment in Yopa
They won't be repeating that exercise again .
Should imagine that Foxys and Dexters have had a chinwag over whether or not there is any merit in a marriage. it would certainly give Dexters a listed platform and an exit for Robin Paterson
Keep hold of those golden vouchers you can't rule it out
Yes, Thu 26th!
Yep, its been scheduled for today since those interims and has stated as such on the Foxtons website and now it states the Q3 numbers will be out on the 26th instead !
Oh well, I can wait another week !
Clearly not today! (And suggested as such on the other site).
A bit disconcerting that they can't even get their ducks in a row on the financial calendar ...
Sit tight now until next Thu 27th Oct.
You mean another in the space of two weeks ?
Oh Yeah, the on-line company company On The Market has been snapped up !!
https://propertyindustryeye.com/eye-newsflash-onthemarket-takeover-bid-confirmed-as-costar-group-bid-accepted/
F'22 FY identified medium term operating profit target of £25 - 30 million;
and more importantly, but without definition, improved shareholder returns.
We may well be heading for the former, the jury is out on the latter.
In my book Gittins needs to continue to focus on operational delivery, it's Rich that needs to press flesh and build the network etc. to get us the right levels of return ...
Not long to go now and judging by all the latest linkedin posts and general market comment, I'm still standing by my prediction of a few months back that Foxtons are absolutely smashing it in ALL areas of its business.
But will Gittins deliver this time or will we get the copy and paste statement, '.........we re-iterate our guidance as highlighted in our interim statement and we maintain our forecasts for this financial year. With interest rates now looking to have nearly peaked, we are encouraged by the level of sales interest over the Summer and with a continued strong lettings book of clients we look forward to the final quarter of this year'.
Yawn, yawn, yawn, blah, blah and more blah !!
Go on Gittins, tell us all how well the company is really doing and how its on course to break records in every division of the business in Q3 and is on track to deliver its best profit for ten years !!!
I DARE YOU !!!
Oh go on then !!
Okay, so we saw that Dexters gobbled up LiFE residential last week and today Sotheby's International and Rokstone announce a 'merger' of sorts.
Its Sotheby's all the way but lest run with it.
Savills (mkt cap £1.2bn) up next to splash the cash ?? Nice cap raise of £350m for Foxtons, easy peasy !!!
https://propertyindustryeye.com/rokstone-joins-forces-with-uk-sothebys-international-realty/
Dexters yes very busy indeed as they look to cement their No1 spot in London .
As is the way of all flesh at some stage Oakley will be looking to recoup all or some of their investment in Dexters
Anyone's guess when this will occur ot what vehicle they will use to free some cash .
Fresh listing or a reverse takeover ?
Difficult task of course to identify the right target
Winkworths.TPFG Property minnow Fletcher King or even Foxtons ? Who knows
Why wulbeteh lucjychaps Winkworth tPFG irmaybethe property nunnow Fletcher King
Interesting stuff 5eights. Wonder whether Foxys were in the mix or chose to leave it alone. They'll have sure been aware.
A big week coming up, and as others have articulated there must likely be something bubbling under that will become visible, sometime soon ...
Just for the record, Dexters are too busy doing their own thing after their purchase of LiFE Residential based in London this week.
LiFE have over 7000 paid tenants on their books, now that would have a nice purchase for Gittins & Co. !!
https://thenegotiator.co.uk/dexters-acquires-major-international-agency/
"Arrange a management buyout of at least £1.00 That equates to about £300m
You are having a laugh ,chief Sure if it was distressed
Why would those who reel in the clients , smash the big fees want to borrow c £300m and/or or give a great slice of the cake to private equity just to give to existing shareholders !
Effectively buying their own labour
Foxtons aren't the only girl in town .
They would be better placed to knock on Doble's door at Dexter s Neg.themselves some gifted equity as clients & instructions foillow them
Join in the the fun when they cash their chups with a listing
My goodness, 3 years ?? I'm sure your patience will be handsomely rewarded in the not too distant future. As you've seen from my postings, I only got into this stock at the beginning of the year.
Keep adding on those manipulated dips and tree-shakes of which you've seen many no doubt over the last three years.
Will the Yanks and those hedgies be brave enough to do a massive tree shake from now and up to and even on on the day of the Q3 numbers despite the last quarter being one of the best if not the best quarter performance in the company's history ?
Not long to find out !
P.s. I'm an Aston Martin guy myself !
I think I deserve a car for holding these shares for over 3 years. #wheresmymercedes?
Ok, here's another, it looks like Gittins has told everyone to post ahead of the Q3 numbers next week, maybe like Converium Capital last year Gittins is also getting cheesed off with all this US Bank and Hedge Fund manipulation as Foxtons shares approach their year lows and now some 91% wiped off off their mkt cap since the high after the floatation back in 2013.
My message to Gittins, arrange a management buyout of at least £1.00 (I will help to organise funding no problem), take the company private and whilst the rest of the sector capitulates over the next 3-5 years, bring the company back to the market aka BGC Capital partners (although their timing was very lousy !).
Easy money !!
https://www.linkedin.com/posts/jack-pinion-11b876181_wegetitdone-activity-7117776338400227328-F3K_?trk=public_profile_like_view
And good to see that Gittins is still dishing out new Mercedes cars to his staff ahead of next week :-
https://www.linkedin.com/posts/katarzynatargosz_q3achievements-topperformers-puertobanusbound-activity-7117530023242121216-txzJ?trk=public_profile_like_view
Yes they look ripe for plucking .
Simon Agace who owns a big chunk of Winkies is 81 next month . That should be interesting if it comes into play
Dexters investors will be looking to cash in their chips at some stage maybe a listing or reversing into someone?
Plenty of fun and games in this sector to look forward to
Just looking at KFH made me wonder if they might be FOXTs next acquisition. Similar business\geographical spread, so they could be digested by Foxtons operating model just like D&G. Approximately half the size of Foxtons in terms or revenue and profits.
The guy who owns 75% of KFH is approaching his 70th birthday, so might be looking for an exit.
Maybe this is why Gittins has been saving up the profits.
Well let's hope you are correct .Certainly lettings should be toppy and although a number of sales tripped over to Q3
let's see.
Q4 likely to be a different story
KFH who farm similar fields
https://thenegotiator.co.uk/major-london-estate-agency-predicts-20-drop-in-property-sales/
Foxtons are due to report their Q3 numbers next week and as I have said on here previously, I think the company is on for its best Q3 since 2015, the year after its floatation.
All areas of the business are producing record numbers and 2023 will be the best year of performance by the company since 2015, it may even challenge for the top spot no less !!!
Gittins will play it down again no doubt, we'll have the usual ' ......due to current market conditions, the uncertainty of interest rates, the lack of housing stock..' etc. but in reality Foxtons are coining it in from every area of the business !!
In addition, next year there are around 2.5m fixed rate mortgage holders that will need to re-finance once their current deal expires in 2024 and in 2025 there are some 3m fixed rate mortgages due to be re-financed !!!
Interest rates started to move up towards the end of 2021, early 2022 and so the market will need to keep interest rates high for at least another three years to break those final few that are still smarting over their current 5 year low interest rate fixed deals.
I also just had another look at the list of Estate Agents going bust lately which I posted last month and another 14 companies have since bit the dust in the last month, one company in Croydon had assets of £80m no less !!!
Croydon is a cesspit at the best of times, lets just leave it at that !
Roll on those Q3 numbers next week !!!!