Foxtons anticipates material impact on its business from Covid-19

Foxtons Group expects an “inevitable material disruption” to its trading over the coming months due to the Covid-19 pandemic. However, the London agency said it was still too early to tell what the impact from the virus might be. The firm has drawn down its £5m revolving credit facility to bolster its available cash balance, which now stands at £21m. Foxtons added that its board was also “evaluating a number of actions to preserve cash and will take all necessary steps to balance these measures with preserving the long-term capacity of the business”. The agency also reported that performance in the first 11 weeks of its current financial year were in line with the board’s expectations. To send feedback, e-mail louise.dransfield@egi.co.uk or tweet @DransfieldL or @estatesgazette