Foxtons has announced that its chief operating officer Patrick Franco will join the board as an executive director next week, on October 1.

Franco jointed Foxtons as COO in 2015.

He is also executive sponsor of the Foxtons LGBTQ+ network.

Foxtons has also announced that current chairman Garry Watts is to retire at or before the company’s AGM next May.

He will be succeeded by Ian Barlow, currently Foxtons’ senior independent director.

He in turn will be succeeded by Alan Giles, currently a non-executive director and a former senior London partner at KPMG.

Watts said: “Foxtons is an excellent company with a great team, which it has been a pleasure to chair for the last six years.

“A series of challenges to the health of the London property market have impaired its recent trading performance but its balanced business model, strong net cash position and robust operating structure means that it is well placed to benefit from a recovery in sales volumes.”