Countrywide, the UK property services company, has agreed a £941m management buy-out backed by private equity firm 3i.

The deal includes Countrywide's 21.5 percent stake in property website Rightmove and represents a premium of 19 percent to Countrywide's share price at the close of business on 13th September, the day before 3i's approach was declared.

In August, Countrywide's interim results for the half year showed that it was back on track, with a massive £59.3m increase in profits before tax, due in part to the sale of shares in Rightmove and helped by rising house prices, particularly in the South East. During the previous year, profits had plummeted by 30% as the company was hit hard by interest rate rises. 

Essex-based Countywide has 1,177 branches in the UK through its subsidiaries, which include Bairstow Eves, Mann & Co and Freeman Forman. Current managing director Harry Hill will become chairman of the new company, and the management team invest will £7.76m in the deal. 

3i, which raised a new £5bn buyout fund last month, will provide £278m, with the remainder coming from loans agreed with the Royal Bank of Scotland.