Register Log-in Investor Type

News

Countrywide’s deal to sell commercial arm falls out of bed

Countrywide, the estate agency group, has announced that the proposed sale of its commercial property arm, Lambert Smith Hampton (LSH), has fallen out of bed.

The company had agreed a deal with John Bengt Moeller to sell the business for £38m in November last year but said Moeller “failed to complete the transaction in accordance with the final timetable set for completion by 12.00 on 11 March 2020”.

Countrywide said it would continue to engage with Moeller and “wishes to effect completion as soon as possible” but would now also explore alternative options for the sale of LSH and was in discussions with an interested party.

It added it was considering its legal options to pursue Moeller for damages and costs from continuing delay in completion.  

The company, which is also in negotiations for an all-share merger with LSL Property Services, provided a trading update for 2019 in which total group income was down 3.3% to £498m.

The group said it had seen a positive mood swing in public sentiment through the early part of 2020 but witnessed “some softening in recent days as a result of Covid-19”.

It said it expects to report full year results later this month.

CWD: Countrywide’s deal to sell commercial arm falls out of bed

Leave a Reply

Your email address will not be published. Required fields are marked *

Please review our cookie, privacy & data protection and terms and conditions policies and, if you accept, please select your place of residence and whether you are a private or professional investor.

You live in…

You are a…