Foxtons plans flotation

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ESTATE agency chain Foxtons is set to capitalise on the booming London property market by announcing an imminent stock market flotation worth up to £500m.

Reports said the company is due to announce plans for a stock market listing as early as Tuesday, taking advantage of a housing market pumped up by state stimulus schemes.

Bosses could be in line for a windfall of up to £100m, the Sunday Times said, with a flotation likely to value the chain at between £400m and £500m.

Private equity group BC Partners bought Foxtons for about £375m at the peak of the market in May 2007 from founder Jon Hunt, just months before the credit crunch.