Bosses at Foxtons quit after pay revolt

TWO Foxtons directors will stand down following a huge investor rebellion. Some 43 per cent of shareholders voted against reelecting Alan Giles, the former boss of HMV, and Sheena Mackay to the board at the estate agent’s annual meeting in June.

After talks between the company and investors, the pair have said that they will not stand next year. Foxtons is already looking for replacement directors.

Giles and human resources specialist Mackay sit on Foxtons’ remuneration committee – which has come under intense fire in recent years for handing big pay packets to bosses.

Last year, Nic Budden, the chain’s former boss, received nearly £1million in bonuses despite 44 per cent of investors revolting.

Budden was replaced by Guy Gittins two months ago.

High rents and longer tenancies boosted revenues at Foxtons, which has a market value of £100million, in the third quarter.

It raked in £44 million in the three months to September, a 25 per cent jump on the same period in 2021.