Estate agent splashes £12.6m buying Watford- and Reading-based businesses
Around 10% of shareholders are agitating for a sale
The £7.4m deal is part of Foxtons’ plan to drive up lettings business
Guy Gittins promises to harness “significant unfulfilled potential”
The Chestertons boss, who started his career at Foxtons, will become CEO in September
Revenue from lettings has increased by 21%, but sales revenue is down by 9%
Patrick Franco’s duties have been assumed by CEO Nic Budden
Coverium, which has built up a 2% stake, claims a sale is the only way to give value to shareholders
CEO Nic Budden says the agency’s growth plan is making good progress
The London-based agent has integrated the lettings business, but James Evans will take back sales
Estate agent promotes FD Chris Hough
The firm’s former managing director from 1997 to 2005 will join as a non-exec director