Saturday , August 13 2022

Foktons closes six London subsidiaries in the "challenging" market. | the business


Foktons closed six of its London subsidiaries as they struggled to sell their homes in the "challenging" real estate market in the capital.

The Real Estate Agency said it recently closed its offices at Park Lane in central London, Barnes, Beckenham, Enfield, Loughton and Ruislip.

"We continue to cover more than 85% of London from 61 branches and we do not have current plans for further closure," the company said in a trading update for three months until September 30th.

Most of the employees from closed branches are being diverted to second place in the business, a spokesman said, with a surplus of work experience in a single issue.

Foktons, known for its Mini Coopers fleet, was hit by a slowdown in the real estate market in London, where increased prices in recent years have left many buyers unable to afford a home in the capital. Demand is also affected by Brekit's lack of clarity and a higher margin on other homes.

Revenues in the third quarter in business fell to £ 9.9m from £ 10.3m in the same period a year earlier. Lease remained positive, however, revenue collection of 23.1 million pounds of 22.5 million pounds.

During the first nine months of this year, total revenues amounted to 88.1 million pounds, a fall of 93.7 million pounds at the same point last year.

Foktons Executive Director Nic Budden said it was "a solid quarter in a challenging market".

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He added: "We are running the business for current market conditions and remain confident in our long-term prospects."

In the first half of July, Foktons discovered that in the first half of 2017, a loss of 2.5 million pounds was compared to a profit of 3.8 million pounds, given that the conditions in London were strengthened.

The slowdown is a sharp reversal in wealth for Foktons, who made his debut on the stock market in 2013. By 2014, the gain of the bumper and the payment of shareholders, the shares reached a high value of 374p. On Tuesday, the company's share fell 0.3% at a level below 50p.

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