Foxtons Group PLC - London-based estate agency - Announces immediate departure of Chief Operating Officer Patrick Franco. Chief Executive Officer Nic Budden assumes COO duties. Franco to become vice chair of Global Heritage Fund, where he has served on the board for nearly a decade.

Also notes Chris Hough joins the board as chief financial officer, following his appointment in late December.

Chair Nigel Rich says: ‘Cost control continues to be an area of focus, and over the last six months the company’s actions have included simplifying its executive and senior management structures. We are pleased to formally welcome Chris to a more streamlined Foxtons board, and we are looking forward to working with him and the wider executive team as we continue to implement our growth strategy.’

Current stock price: 43.62 pence, up 1.4% on Friday in London

12-month change: down 32%

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