Lenders to Foxtons have seized control of the restructuring of the beleaguered upmarket estate agency chain by bringing in their own debt advisers.

Bank of America and Mizuho, which have failed to syndicate the vast majority of their approximate £270m of debt in BC Partners-backed Foxtons, have asked Close Brothers to advise them on how to preserve as much of their investment as possible.

The move follows BC Partners’ potential appointment of NM Rothschild as its own adviser and signals that the banks may have lost patience with the private equity house’s strategy.

Foxtons’ founder Jon Hunt sold his company for £360m just before the property market crashed last year, making him one of the luckiest — or shrewdest – men in Britain.

Daily Telegraph