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.
The opportunity to acquire the business and/or assets of a specialist B2B marketing agency based in the North of England. A leading provider of a comprehensive range of marketing solutions to innovative technology led engineering and manufacturing bu...
An opportunity exists to purchase the business and assets of a retail and wholesale distribution of drylining & plastering tools via website/ phone / mail order, and the sale of tools and hardware on the high street.
An opportunity exists to purchase the business and assets of a medical logistics business operating from the North of England. The company provides medical logistics and transport support to a range of public and private organisations. They offer sam...
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.