Alexander Hall sees turnover tumble further
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Alexander Hall Associates’ annual accounts for 2008 reveal it made a profit of £126,057 after tax for the year, down from £4.8m in 2007.
Alexander Hall, owned by the Foxtons Group, was due to file its annual accounts before Christmas but only did so on Friday January 22.
Its turnover fell by 44% from £15.5m in 2007 to £8.6m in 2008, with operating profits down 96.6% from £4.6m to £155,000.
In January, a refinancing deal was agreed by Foxtons’ owner BC Partners in which it handed control of the estate agency group to its lenders.
In the accounts of Alexander Hall it says: “It is unclear how long the current situation will last. However, it is hoped that at some point during 2010 the problems will be resolved and the mortgage market will improve.”
In comparison, Savills posted a profit of just under £500,000 for its Savills Private Finance arm in 2008, compared to £5m in 2007. It also posted a £2.1m loss in the first six months of 2009.
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Readers' comments (1)
Mortgage Broker N3 | 25 Jan 2010 3:36 pm
They have done well to stay in profit.
The question is now - for how long, no brokerage in the UK is immune to threats of a slowing market, dual pricing, direct lenders, credit crunch and tighter criteria.
Does anyone know what happenned to the lat account filing for Charcol??!
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