The plot thickens

That is just funny.  Profits must have halved without doubt and the incoming debt multiple must have been 8-10x EBIT - in fact that can be found from the accounts, therefore logically the multiple now rises to 16x plus. On this basis the business will struggle to meet interest payments - a death knell for equity and a large proportion of the debt.  Lettings is a sideshow.  The equity of both management and the p/e provider is so far under water it will have been written off.  The only hope employees have is that Foxtons has no assets to realise.  This was the deal of the century for JH and the debt multiple laughable.  The p/e director must have been a moron to have ignored the possibility of a housing correction.  Masters of the Universe -even funnier.