Foxtons hope that the fleet of 350 new cars leased in recent weeks will help restore ‘pride’ for negotiators at the company, according to the firm’s recently appointed chief executive, Guy Gittins.

The symbolic gesture, designed to boost morale among his staff, was announced at the Foxtons Christmas party last month.

“It was under cover when people arrived. The cover was pulled off it, and there were 20 people fighting to get a photo,” said Gittins.

“It was quite emotional to be honest,” he added.

The green Mini Cooper cars have been synonymous with the Foxtons brand since it expanded in London and the south-east in the 2000s.

Reflecting on the new cars leased by the business, Gittins explained: “We became embarrassed by what we do. We have to be proud to be estate agents.”

Gittins, appointed to the role in September, is hoping to boost the businesses’ fortunes by reducing costs, redoubling on the letting business, refreshing outdated internal processes and reinvigorating the company’s culture.

The company’s share price has lost about 90% of its value since the estate agent’s stock market debut in London in 2013.

Foxtons has traditionally derived the bulk of its income from selling properties. But Gittins told the FT that the way to boost profits from the £5.6m before tax posted last year was to expand in letting sector.

“Our model is very much expansion through acquisition: there are 3,600 independent agents operating within the M25 who all have lettings incomes and clients,” he said.

Foxtons was recently targeted by tenant groups for its aggressive sales tactics, accused of profiting by helping to push up rents. But Gittins is unmoved.

He added: “We are simply advising on where the market is on market evidence. We sympathise with the renters of London, it is a supply and demand dynamic that is not healthy.”