Board Update

RNS Number : 3702E

Foxtons Group PLC

07 July 2021

 

FOXTONS GROUP PLC (the "Group" or "Foxtons")

Board Update

7 July 2021

Foxtons Group plc (LSE: FOXT), London's leading estate agency, today announces that as he approaches his ninth and final year on the Board, Chairman Ian Barlow, has informed the Company of his intention to retire from the Board once a successor has been appointed and in any case no later than 31 December 2021.  

The Nomination Committee will carry out the process to identify and recommend the appointment of Ian's successor. It will be led by the Senior Independent Director, Alan Giles, assisted by search firm, Korn Ferry.

Ian Barlow, Chairman, commented:

"It has been a privilege to have served on the Board and more recently as Chairman for the past eight years. Foxtons is an excellent company with a strong brand, great people, leading industry technology and deep branch coverage across London. A series of challenges to the London property market since the Brexit referendum, compounded more recently by the pandemic, have impaired our recent trading performance. However, the business has huge potential and I am confident that the refreshed growth strategy, agreed by the Board last year and set out in the Capital Markets Day presentation in June, will result in a substantial rebound in performance. There are already signs of this with adjusted operating profit for the first half of the year expected to be significantly ahead of both 2020 and 2019. Our strategy will take time to deliver and with only one further year to serve under UK governance rules I consider this is the right time to hand over to a successor to oversee its execution."

There are no further disclosures required for the purposes of Listing Rule 9.6.11.

For further information, please contact:

Foxtons Group plc
Nic Budden, Chief Executive Officer Muhammad Patel, Investor Relations	[phone] [e-mail]
Sanctuary Counsel
Robert Morgan / Rachel Miller	[phone] / [phone]

 

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