BSR
BSR
  • Home
  • Distressed Businesses
    • All Distressed Businessess
    • Administrations
    • Liquidations
    • Winding Up
    • Insolvency Advice  New
  • Buy a Business
    • All Businesses for Sale
    • Find a Business for Sale
    • Raising Business Finance
    • Buyer Acquisition Service   New
    • Escrow Service   New
  • Sell a Business
    • Sell Your Business
    • Seller Accounts
    • Need Help Selling?
    • Help With Finance New
    • Business Valuation
    • Business Wanted Adverts
  • Insights & News
    • View All News
    • View All Insights
  • Off-market
    • Source deals
  • Log In
  • Join Now
Join now
11111111

Home / News / Countrywide closes branches as administration looms

Countrywide closes branches as administration looms

Tue, 10 Nov 2020 | ADMINISTRATION

Countrywide closes branches as administration looms

A number of branches of the Countrywide estate agency chain have been forced to close their doors permanently as the company battles to avoid entering administration.

The group is facing difficult financial times as a result of the coronavirus pandemic. which has already forced some Countrywide branches to delay reopening.

"We are having to operate a skeleton service across some branches at the moment with a number of shops unlikely to reopen following the spring lockdown," a Countrywide spokesperson said.

Last month the firm announced plans to raise £165m in an attempt to restructure existing debt. However, it confirmed this week that Connells had signalled their intention to put forward a bid should the group enter administration.

A statement from Countrywide revealed Connells has offered an indicative approach at 250p a share in cash, which would take the chain back to private ownership.

Commenting on the offer, a statement from Connells revealed that it felt the business needed a new management team and strategy to help it turn around.

"The board of Countrywide has indicated that Countrywide is in urgent need of recapitalisation to reduce its net debt and lessen its exposure to its lenders.

"The board of Countrywide believes that, in the absence of a recapitalisation, Countrywide is unlikely to be able to execute its business strategy over the short and medium term and there is a risk that it could end up in administration, with Countrywide shareholders losing all or a substantial portion of their investment."

"Connells will assess the making of any firm offer for Countrywide in light of the current difficult market conditions, its due diligence findings, the level of additional investment that will be needed by Countrywide and the extent of the turnaround required in the business."


Share this article



Latest Businesses for Sale

Shopfitting Specialists Providing a Complete Package
UK

Turnkey shopfitting specialists providing a complete package with services including consultation design (2D 3D visualisations and walkthroughs) procurement contract management joinery manufacture and installation of all elements. The company operate...

Asking Price: Offers Invited
Turnover: £3,500,000

Horticultural Nursery
South West, UK

The company offers a range of specialist gardening and landscaping products and services to both trade and domestic customers, with a particular focus on turf, top soil, mushroom compost, aggregates, cement and sand, and landscape waste services.

Asking Price: Offers Invited
Turnover: £501,000

LEASEHOLD


Provider of Fire Safety Solutions
UK Wide

Benefits from 40 active clients, 80% of whom provide reliable, repeat business. Has an established reputation within its sector as a professional, reliable service provider, utilising a highly experienced workforce with extensive in-house capabilitie...

Asking Price: Offers Invited
Turnover: £2,600,000

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
07
 
Feb
 

Administrators exploring accelerated sale of telecoms contractor | ADMINISTRATION

Administrators from RSM UK Restructuring Advisory LLP are se...

 
06
 
Feb
 

M&Co brand bought out of administration, but 170 stores still to close | ADMINISTRATION

Scottish clothes retailer, M&Co has been bought out of admin...

 
06
 
Feb
 

Australian firm announced as preferred bidder for collapsed UK battery start-up | ADMINISTRATION

Recharge Industries has been named as the preferred bidder f...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Related News

 
08
 
Jul
 

Property due diligence firm sold at 30x profits | BUSINESS SALE

Property due diligence firm TM Group has been sold for &poun...

 
12
 
Mar
 

Countrywide seeks new buyer for LSH as sale is delayed | BUSINESS SALE

Countrywide has announced that it is seeking a new buyer for...

 
29
 
Nov
 

Countrywide to sell LSH | BUSINESS SALE

Estate agency firm Countrywide has agreed a deal to sell its...

Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources

Become a Member

News Categories

  • - Business Sale
  • - Division Sale
  • - Administration
  • - MBO/MBI
  • - Merger
  • - Commercial Property

View all news

logo
Our Services Distressed Businesses
  • Businesses for Sale
  • Distressed Companies
  • List a Business
  • Help with Finance
  • Buyer Acquisition Service
  • Small Businesses for Sale
Company Buy a Business
  • About BSR
  • Pricing
  • Insights
  • News
  • FAQs
  • Reviews
Get In Touch
020 8875 0200
[email protected]
167 Oakhill Road, London, SW15 2QW
Working hours: Mon-Fri, 9am - 5:30pm
About BSR
Business Sale Report is the UK's leading
independent business for sale & distressed business listing service.
Established in 1995, BSR offers an up-to-the-minute, comprehensive overview of businesses for sale, latest distressed business listings and daily acquisition news.
Subscribe

Subscribe to our newsletter to receive news about the latest businesses for sale.

  • Terms
  • Privacy
  • linkedin
  • facebook
  • twitter
© 1995-2023. Business Sale Report Ltd. All rights reserved. www.business-sale.com.