Mon, 25 Feb 2013 | BUSINESS SALE
Countryside Properties is preparing for a takeover move from US vulture fund Oaktree Capital Management.
The construction firm is one of Britain's leading house builders and sold in the region of 580 homes across the UK in 2011. However, the firm has been hit hard by the downturn in the construction sector and a sale is likely to bring a welcome cash injection.
If the deal with Oaktree goes through, the company is expected to buy a 50 per cent stake in Countryside. The stake is currently held by Lloyds Banking Group but it is not known if it will also buy any of the 50 per cent share owned by the late founder's family.
It is thought that Oaktree plans to continue the long-term ambitions of Countryside's parent company, Copthorn Holdings, in returning Countryside to the stock market.
Countryside was founded by Alan Cherry, whose sons are now in control of the business. The firm made a pre-tax loss of £5.1 million on sales of £267.5 million in 2011, according to the latest accounts for its parent company.
KPMG are providing Oaktree with advice on the business purchase, while JP Morgan is running the auction of Countryside.
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