Thu, 12 Mar 2020 | BUSINESS SALE
Countrywide has announced that it is seeking a new buyer for commercial real estate consultancy Lambert Smith Hampton (LSH), after a deal to sell it to property entrepreneur John Bengt Moeller failed to complete.
Countrywide and Mr Moeller had agreed a £38 million deal for LSH last November, with a completion date of January 20, 2020. At the time, Countrywide described the sale of LSH, which has over 40 offices across the UK, as “vital” to its long-term prospects.
However, a statement from the company has announced that: “Mr Moeller has failed to complete the transaction in accordance with the final timetable set for completion by 12.00 on 11 March 2020".
Countrywide goes on to say that, while it continues to engage with Moeller and still hopes to complete the deal, it will be considering alternative options for a sale of the business, including entering into discussions with a potential buyer who has actively expressed interest.
The company has also said that it is considering legal action to pursue damages and costs from Mr Moeller over the continued delay of the sale.
In its most recent accounts, made up to the year ending December 31, 2018, LSH held net assets of over £1.8 million and had share capital of close to £1.9 million.
In addition to its statement regarding the sale, Countrywide has issued a trading update for the group, registering total income for the year 2019 of £498 million, down from £515 million in 2018.
The update adds that there has been a positive swing in public sentiment this year, reflected in a strong start in agreed sales, ahead of expectations. However, it adds, the full impact of Covid-19 is yet to be seen. The group expects to report full year results later this month.
Offers professional and humane pest control solutions, helping clients throughout the South East maintain pest-free environments. Sources ethical, effective and competitively priced solutions, which meet its clients’ requirements. Offers invited.
FREEHOLD
Specialist catering company delivering a one-stop breakfast and lunch service including a broad variety of sandwiches baguettes salads pastas hot food pastries snacks and drinks via its own fleet of purpose-built vans. The company operates within a 3...
Serving the marine sector the company specialises in the design manufacture supply and installation - in addition to the testing and commissioning - of fixed and portable fire-fighting and fire/gas detection systems. Operating with a highly proficien...
|
03
|
|
Jul
|
Next completes sale and leaseback of head office and warehouses | COMMERCIAL PROPERTY
High street fashion retailer Next Plc has confirmed the succ...
|
02
|
|
Jul
|
Benchmark Holdings secures sale of veterinary business | BUSINESS SALE
Sheffield-headquartered aquaculture health, nutrition and ge...
|
01
|
|
Jul
|
TM Lewin to close all UK stores in pre-pack administration | ADMINISTRATION
Shirtmaker TM Lewin will close all 66 of its UK stores as pa...
Sign up to receive our acquisition alert emails to get your FREE guide
|
29
|
|
Nov
|
Countrywide to sell LSH | BUSINESS SALE
Estate agency firm Countrywide has agreed a deal to sell its...
|
10
|
|
May
|
Rural supplies firm Countrywide puts all its shops up for sale | DIVISION SALE
Countrywide, the supplier of equestrian and farming supplies...
|
16
|
|
Dec
|
Countrywide considering sale of commercial property business | BUSINESS SALE
The UK’s largest estate agent, Countrywide, is conside...
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