Banks take majority stake in Foxtons and Alexander Hall

Bank of America Merrill Lynch and Japanese bank Mizuho, which backed BC Partners' leveraged buy-out of Foxton in 2007 with £260m in loans, will jointly own a majority of the company's equity. The refinancing deal also will see debt at Foxtons slashed by 60% from £300m to £120m. BC Partners has agreed to inject £50m in fresh equity in order to remain the largest minority shareholder. Foxtons will have as much as 20% percent of the equity. Andy Pratt, chief operating officer of Alexander Hall, says: "It has no effect on the trading of Alexander Hall or Foxtons. We see it as a positive m...