Foxtons chairman steps down as top shareholder demands radical change

Shareholder pressure: Foxtons chairman Ian Barlow’s is stepping down after eight years

The chairman of Foxtons has resigned after the estate agent’s biggest shareholder demanded ‘radical’ changes.

Ian Barlow’s departure after eight years in the post follows criticism by tycoon Jeremy Hosking. 

Foxtons shares are nearly 40 per cent below their pre-pandemic level, despite the stamp duty holiday sales bonanza. Hosking Partners, which owns 11.2 per cent, had demanded ‘board-level change’.

It was also frustrated about pay after Foxtons boss Nic Budden, 53, got a near-£1million bonus last year despite it receiving £6million of pandemic aid from the Government.

Barlow said he was stepping down due to governance guidelines that chairmen should not be on boards longer than nine years. 

He blamed share performance on challenges to the London market since Brexit, and the pandemic. Stock fell 0.9 per cent, or 0.5p, to 58.5p.