Fri, 16 Dec 2016 | BUSINESS SALE
The UK’s largest estate agent, Countrywide, is considering a sale of its commercial property business Lambert Smith Hampton (LSH) as it battles a slowdown in the property market.
The firm bought LSH, a commercial, office and industrial agency, building surveyors and real estate consultancy, for £34.1 million in 2013.
Last month, Countrywide forecast a drop in transactions driven by stamp duty changes and the result of the EU referendum, warning that full-year profits would come in at the “lower end of market expectations”.
The firm reported group third-quarter revenue of £188.5 million compared with £197.1 million on the same period last year.
“A combination of changes in stamp duty and the EU referendum in June means transaction levels are currently running significantly below 2015,” Countrywide said at the time.
Estates Gazette reported that Countrywide is focusing on its core business and expects a sale of LSH to help it get through a difficult trading period.
The agent is understood to want to close a deal as soon as next month, and hopes to sell to private equity, not a competitor.
In a statement, Countrywide said: “Countrywide notes today's press speculation and confirms that it is undergoing a strategic review in relation to its Lambert Smith Hampton business.
“As part of that review, Countrywide is considering a potential disposal of LSH. The process is ongoing and there can be no certainty that any transaction will proceed. Further announcements will be made as appropriate.”
Find professional and financial businesses for sale.
Lifestyle wood burning stoves retailer, iInstaller and wholesaler: Includes stones and reclaim / salvage business. This is a well established family business within the fashionable and lifestyle choice sector of wood-burning stoves. These stoves are...
LEASEHOLD
Renowned and respected business, favoured by customers for its unique product offering and its excellent service. Established in 1990, the business has overcome several recessions, continually growing its reputation, workload and customer base. The c...
LEASEHOLD
Garden machinery, tool hire, lawnmower sales and repair business, ideally situated within a popular residential area in North Wales. The business is split over two sites, one is a retail unit with workshop, close to the town centre, whilst the larger...
LEASEHOLD
|
17
|
|
Nov
|
Warm Zones enters administration | ADMINISTRATION
A North Shields-based non-profit business dedicated to helpi...
|
15
|
|
Nov
|
Berketex Bride enters administration | ADMINISTRATION
With over 50 years in selling wedding dresses, Berketex Brid...
|
13
|
|
Nov
|
Intermet Refractories completes MBO deal | MBO/MBI
Intermet Refractories, a metal casting component manufacture...
Sign up to receive our acquisition alert emails to get your FREE guide
|
10
|
|
May
|
Rural supplies firm Countrywide puts all its shops up for sale | DIVISION SALE
Countrywide, the supplier of equestrian and farming supplies...
|
30
|
|
Sep
|
Countrywide snaps up Lambert Smith Hampton | BUSINESS SALE
The UK's biggest estate agency chain, Countrywide, has ...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources