FOXTONS' board is under pressure to sell, after an investment fund with a 4 per cent stake in the estate agency joined calls for a sale.

Milkwood Capital, a fund that specialises in investing in companies it deems undervalued, is the latest to push for them to sell up, taking the total of proportion shareholders pushing for the move to 10 per cent.

Its boss, Rhys Summerton, told the Sunday Times: "In 2015, Foxtons was a £1bn company, but the public markets no longer value the good work the management has done recently. The only way to extract fair value is to carry out a sale."

The demand comes amid a wider trend of acquisitions and mergers sweeping the estate agency industry as firms attempt to drive growth amid a sector-wide slowdown.

Foxtons has been listed on the London Stock Exchange since 2014. Having initially listed at 230p a share, the share price doubled within its first six months as a quoted company to an all-time high of 399p. Its share price has steadily declined, closing on Friday at 40.5p.

Foxtons declined to comment.

(c) 2023 City A.M., source Newspaper