Foxtons Group names Nigel Rich as its new chairman

Foxtons Group named industry veteran Nigel Rich as its new chairman following the retirement of his predecessor.

Rich was scheduled to take possession of his seat on the real estate agency's board on 1 October, once Ian Barlow had retired.

Commenting on the incoming chairman's credentials, Alan Giles, a senior independent director at Foxtons, labelled Rich "an outstanding candidate", highlighting his "extensive experience with listed companies" in the same sector.

"This will be invaluable as we seek to build on recent business momentum and deliver significant shareholder value in the coming years."

As of 0948 BST, shares of Foxtons were rising by 1.92% to 53.20p.