Fri, 29 Nov 2019 | BUSINESS SALE
Estate agency firm Countrywide has agreed a deal to sell its commercial property wing Lambert Smith Hampton (LSH) for £38 million.
Countrywide, which has been looking to reduce its debt, will sell the consultancy to Monaco-based property developer John Bengt Moeller, founder of Great Global Holding, which acts as a holding company for numerous UK and international commercial property businesses.
The deal will reduce the company’s debt burden by £34 million, Countrywide says. Its net debt was at a reported level of £90 million in June. Countrywide also said the deal would significantly strengthen its capital structure and allow it to focus on its core residential services business.
LSH was acquired by Countrywide in 2013, it has over 40 locations across the UK and Ireland, employing around 1,700 staff. It manages 7,700 properties and advises on £16 billion of property per year.
Countrywide executive chairman Peter Long said: "The sale of the Lambert Smith Hampton commercial business strengthens the group. Once completed, we believe that the group will be in a more advantageous position in our core residential market. The group remains on course to deliver a full year result in line with the board's expectations."
The deal is subject to approval from shareholders and is expected to be completed on December 31.
Countrywide has also announced the agreement of an amended credit facility with its lenders, as it looks to gain the “financial flexibility” to continue its turnaround in a challenging market environment.
Countrywide was advised by a team from law firm DWF, lead by partner Lester Wilson with Amelia Mackie, Tim Howden, James Lonsdale, John Toon, Andrew Carr, Jim Speed, Nick Wallace and Helen Balliger.
Successful business operating for over 170 years. Provides a comprehensive range of specialist legal services including probate and estate administration, as well as community care, residential conveyancing and commercial property solutions. Offers i...
LEASEHOLD
Well-established provider of outsourced HR support solutions ensuring clients are compliant with employment law have access to experienced HR personnel and receive expert advice including best practice for HR processes and case management. The compan...
Professional health & safety consultancy offering a comprehensive range of health & safety solutions including site inspections incident investigations training courses documentation and policies support safety equipment and general consultancy servi...
15
|
Jan
|
Buyer sought for portfolio of pubs | BUSINESS SALE
Five pubs that formerly operated under the Authentic Alehous...
14
|
Jan
|
Acquisitive RSK Group completes trio of deals | BUSINESS SALE
Cheshire-based technical services consultancy RSK Group has ...
13
|
Jan
|
Heat transfer equipment manufacturer falls into administration | ADMINISTRATION
Coventry-based Covrad Heat Transfer has fallen into administ...
Sign up to receive our acquisition alert emails to get your FREE guide
10
|
Nov
|
Countrywide closes branches as administration looms | ADMINISTRATION
A number of branches of the Countrywide estate agency chain ...
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...
10
|
May
|
Rural supplies firm Countrywide puts all its shops up for sale | DIVISION SALE
Countrywide, the supplier of equestrian and farming supplies...
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