The estate agent said commissions tumbled by 47% on the first three weeks of the restrictions and on its worst cash prediction of a lockdown for the next two quarters it would see a 78% reduction compared to last year.
All branches were shut on 23 March and Foxtons has taken action to reduce it monthly cash outgoings to £3mln from £9mln.
Foxtons added while its cash position of more than £15mln was relatively strong it wanted to guard against having to make short-term decisions due to any liquidity issues if the worst-case scenario does happen.
The business was worth £105mln last night and the placing will be up to 19.9% of its issued share capital.
Nic Budden, chief executive, said that prior to the lock-down, Foxtons’ trading in 2020 had been in line with the board’s expectations.
Group revenue dropped by 3% to £23mln in the three months to March, with sales revenue flat and lettings income down 5% due to the impact of the tenant fee ban.