Foxtons taps shareholders for £22m

“The London property market has been severely disrupted by the necessary measures the country has taken to contain the Covid-19 pandemic,” said chief executive Nic Budden. Overall, therefore, revenue fell by 3% to £23 million as both supply and demand were hit by the country going into lockdown to slow the spread of coronavirus. He added: “Notwithstanding our current strong financial position, the board considers it prudent to raise additional capital at this time to enable the company to maintain liquidity in a reasonable worst-case scenario and preserve vital business capability to support customers when the Covid-19 pandemic subsides.”