BC Partners, the private equity firm, has bought estate agent Foxtons for around £390m

The deal also includes mortgage broker Alexander Hall Associates.

Foxtons, which has 19 offices in London and one in Guildford, employs more than 1,300 people with revenues last year reaching more than £100m.

The group, which has its head office in Chiswick, will continue to be run by the existing management team and led by Michael Brown, who will become chief executive officer.

Foxtons was founded in 1981 by Jon Hunt, who is thought to have owned 97% of the group while Foxtons’ management owned the remaining 3%.

Credit Suisse advised the shareholders of Foxtons; Merrill Lynch acted for BC Partners.

The transaction is subject to regulatory approval, which is expected within six weeks.