Countrywide

History

In 1986, financial services company Hambros plc, having de-merged its banking arm, acquired two estate agents, Bairstow Eves and Mann & Co, to form a new company called Hambro Countrywide plc, which was listed on the London Stock Exchange. In 1988, the company created Hambro Assured, then the UK's largest life insurance broker. The group then grew through acquisition, buying Nationwide estate agents and surveyors from Nationwide Building Society in 1994, Spencers from National and Provincial Building Society in 1995 and London firms Faron Sutaria, PKL and John D Wood & Co. in 1997.

In 1998 the business was renamed Countrywide Assured plc and demerged from Hambros plc. After creating a franchise opportunity under the Bairstow Eves brand, the group then restarted its acquisition trail acquiring Friends Provident estate agents and surveyors (in return for a long term licence to resell Friends Provident financial products) in August 2002. Friends Provident Estate Agencies operated 104 offices across the South of England, trading as: Fulfords, Chappell & Matthews, Palmer Snell and Carson & Company and had been acquired by Friends Provident as an 80-strong chain in 1998 as part of their takeover of London and Manchester Group plc.

The life assurance business was demerged as Chesnara in May 2004.

In 2004 it acquired Freeman Foreman group as well as the estate agency business of Bradford and Bingley Building Society. This business had been originally formed as Black Horse Agencies Group by Lloyds Bank in 1982, and purchased as 370 strong chain (including TSB Property Services and Slater Hogg & Howison) by Bradford and Bingley from the then owners Lloyds TSB in April 1998. Slater Hogg & Howison had been acquired by TSB Scotland in 1988 having been established in 1975 by Roy Slater, Iain Hogg and Geoff Howison. The Black Horse name was dropped by Bradford and Bingley in 1999.

In 2007, Countrywide was 100% acquired by Apollo Management for a sum over £1bn, and de-listed from the London Stock Exchange. Following debt restructuring, the owners included Apollo Management, Oaktree Capital Management and Alchemy Partners.

In March 2013, Countrywide plc was re-listed on the London Stock Exchange.

In November 2013, Countrywide acquired national commercial property consultancy Lambert Smith Hampton (LSH).

Countrywide acquired the southwest Wales estate agency John Francis in 2015.

In January 2018, an unscheduled profits warning sent Countrywide's share price plummeting by nearly 19 per cent, and CEO Alison Platt stepped down, to be replaced by Peter Long, appointed executive chairman until a new CEO is found.

In August 2018, the share price fell by 60% after an emergency cash call (in the form of a rights issue), and after having downgrading profit forecasts four times in eight months.

In December 2020 Connells Group agree to buy the company at a valuation of circa £82 million.

On 8 March 2021 Connells Group acquired Countrywide Plc.

Brands

• Abbotts
• Accord Lets
• Alan de Maid
• Andrew Reeves
• Ashby Lowery
• Ashton Burkinshaw
• Austin & Wyatt
• Bairstow Eves
• Beresford Adams
• Bridgfords
• Blundells
• Carson & Co.
• Chappell & Matthews
• CityLets York
• Clive Watkin Partnership
• Country & Waterside Prestige
• Countrywide Scotland
• Cryers
• Dixons
• Entwistle Green
• Finders Keepers
• Frank Innes
• Freeman Foreman
• Fulfords
• Gascoigne-Pees
• Geering & Colyer
• Hamptons International
• John Francis
• John D Wood & Co.
• King & Chasemore
• Lambert Smith Hampton
• Lighthouse Property Services
• Mann
• Miller Countrywide
• Morris Dibben
• Palmer Snell
• R.A. Bennett & Partners
• Regal Residential Lettings
• Slater Hogg & Howison
• Spencers
• Stratton Creber
• Sutton Kersh
• Taylors
• Tucker Gardner
• Urban Spaces
• Watson Bull & Porter
• Wilson Peacock
• Woods

References

References

1. "Building resilience, Annual Report 2019". Countrywide.
2. (January 2009). "Top 50 League Table of Residential Estate Agency Offices". EstateAgencyNews.co.uk.
3. Cicutti, Nic. "Friends set for pounds 750m L&M takeover". The Independent, 18 August 1998. Available online at [https://www.independent.co.uk/news/business/friends-set-for-pounds-750m-lm-takeover-1172485.html]. Accessed 4 June 2019.
4. "Friends Provident plc Secures Exclusive Distribution Agreement with UK's Leading Estate Agency Group". RNS Press Release, 22 August 2002. Available online at [https://www.sec.gov/Archives/edgar/vprr/0204/02049752.pdf]. Accessed 4 June 2019.
5. (20 May 2004). "Countrywide Assured set to complete demerger and listing". Insurance Times.
6. (20 August 2004). "Countrywide has acquired Freeman Forman". Business Sale.
7. "Leicester Independent Surveyors".
8. "New Stable for Black Horse". The Argus, 3 April 1998. Available online at [http://www.theargus.co.uk/news/6802186.NEW_STABLE_FOR_BLACK_HORSE/?ref=arc]. Accessed 28 April 2017.
9. Thickett, Robert. "50 years in finance". Mortgage Strategy, 12 November 2012. Available online at [https://www.mortgagestrategy.co.uk/issues/12-november-2012/50-years-in-finance/]{{Dead link. (October 2022)
10. "Founder calls for buyout at Slater Hogg Howison". The Scotsman, 23 May 2004. Available online at [http://www.scotsman.com/business/companies/financial/founder-calls-for-buyout-at-slater-hogg-howison-1-1394410]. Accessed 28 April 2017.
11. "Bradford & Bingley to modernise image". Design Week, 8 May 1998. Available online at [https://www.designweek.co.uk/issues/7-may-1998/bradford-bingley-to-modernise-image/]. Accessed 28 April 2017.
12. Helen Power. (1 April 2007). "Battle rages for Britain's biggest estate agent". The Telegraph.
13. "About Us". Countrywide.
14. (10 April 2013). "Banks provide £100m of post-IPO financing for Countrywide plc". HSBC.
15. "Countrywide snaps up Lambert Smith Hampton".
16. (13 November 2015). "Estate agent to benefit from takeover". Pembrokeshire Herald.
17. (19 January 2018). "Countrywide facing tough repair job after profit warning". Times.
18. (24 January 2018). "Countrywide boss resigns as shares hit new low". Guardian.
19. Davies, Rob. (2 August 2018). "Countrywide shares plunge 60% after emergency cash call".
20. (31 December 2020). "Connells agrees terms to purchase Countrywide". Property Industry Eye.