Mon, 30 Sep 2013 | BUSINESS SALE
The UK's biggest estate agency chain, Countrywide, has bought property consultancy Lambert Smith Hampton (LSH) for £34.1 million.
The deal has taken the form of a pre-pack administration after LSH struggled to pay down debts left over from a problematic management buy-out. The pre-pack wipes out these debts, although the current shareholders will still lose out as the purchase price is mostly to be used to pay off private equity group debts.
Although the consultancy firm has struggled in the years since the property market crash, Countrywide's decision to buy signals some faith in the market's ability to bounce back and offers hope to the investors in LSH.
Grenville Turner, chief executive of Countrywide plc, commented: “The acquisition of LSH is an important part of Countrywide's continued growth strategy. It will enhance our footprint across the UK and will help to drive more opportunities to our teams operating our core Land and New Homes, and Residential Development & Investment businesses.”
Ezra Nahome, LSH chief executive, added that the acquisition heralds a “new, exciting chapter for LSH and being part of the Countrywide group will provide us both with significant opportunities”.
____________________________________________________________________________
Related information:
View the latest businesses for sale
Find distressed business opportunities at the right time
This opportunity allows a buyer to acquire a well-established tool retail business with a strong track record and loyal customer base, located in the East of England. With a comprehensive product range and potential for growth through online sales an...
FREEHOLD
This family-run artisan bakery and coffee shop, established over 30 years ago, is nestled in an affluent North East suburb and is celebrated for its freshly baked goods and exceptional service.
LEASEHOLD
This fully fitted cafe presents a unique opportunity in the sought-after location of Covent Garden, featuring both a ground-floor area and a basement bar with a combined total of 50 covers.
LEASEHOLD
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.