Pay revolt floors Foxtons

FOXTONS was hit by an embarrassing investor revolt last night over fat-cat pay.

The estate agent’s remuneration report was rejected by almost 22pc of shareholders at its AGM in Chiswick, west London.

It came after boss Nick Budden and finance chief Mark Berry were handed £389,000 in bonuses for 2018, up from £371,000 the previous year.

That was despite the company swinging into an annual loss, and shares plunging by 36pc during that period.

Overall, Budden was given £910,000 and Berry £480,000.

The rebellion means that Foxtons will be named and shamed by the Investment Association trade body on a list of firms which have been hit by significant revolts.

A Foxtons spokesman said after the vote that it ‘acknowledges the concerns raised by shareholders, in particular regarding the 2018 bonus outcomes’.

The firm also revealed the number of homes it is selling in London had dropped to record lows.

Foxtons blamed uncertainty over Brexit for creating ‘very challenging’ market conditions in the capital.

Group revenues fell to £23.8m in the first three months of this year, down from £24.5m during the same period in 2018.

It also announced that it is parting ways with chief financial officer Mark Berry by ‘mutual agreement’.

Foxtons shares fell 4.7pc, or 2.8p, to 57.2p after the announcements.