Countrywide, the troubled estate agency group thought by some to be near collapse, has delayed issuing its interim figures which were set to be published on Thursday.
In an announcement to the Stock Exchange this morning it said the delay would be around a week, until August 2.
In a profits warning last month Countrywide said it would be seeking new funds to cut its £200m debts by at least half; over the weekend, as Estate Agent Today reported on Sunday, it was revealed that preparations were in hand for an announcement of a £100m rights issue within days.
However, yesterday it appeared this rights issue could be delayed because Countrywide's executive chairman Peter Long had a crisis to deal with at his other company - he is also chairman of Royal Mail.
The full statement issued at 7am today says: “On 25 June 2018, Countrywide plc announced that it was looking to put in place a long-term capital structure to reduce its indebtedness and to support its turnaround plan and growth through additional equity finance, and updated the market on the likely financial outcome for the six months to 30 June 2018.
“The Adjusted EBITDA for the Group for the six months ended 30 June 2018 was slightly better than the guidance previously provided.
“The Group has made significant progress in building back industry expertise and staffing levels in Sales and Lettings and has seen an increase in the register of properties available for sale and the pipeline of agreed sales. The Group expects to make continued progress in the second half of the year which, combined with the traditionally stronger second half in our B2B and Financial Services operating segments, means the Group continues to expect the full year to be in line with the Board's expectations.
“The Company is continuing to engage in constructive dialogue with its lending banks and its shareholders and will now be announcing its interim results and details of its proposed long-term capital structure by 2 August 2018.”
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Fire up the CV me thinks!!
Reminds me of Conviviality plc. Dinosaur business model, loads of acquisitions (not properly integrated), lots of debt and business (I suspect) being run on spreadsheets. Conviviality plc went from stock market darling with 'Buy' ratings from analysts to bust with wiped out shareholders in about 10 days.
As a previous employee It breaks me to see what is happening at this once great company.
However the way the board treated the company is nothing short of criminal and its the poor hard working staff on the shop floor that give 110% every day that will suffer the most.
Sad state of affairs.
Is Platt still on the board of Tesco ? She certainly has a lot to answer for as does her "oppo" Sam T who seems to have taken up Golf ? Outrageous state of affairs all round. I agree with you Chris-some great folks at Countrywide let down by the Board at so many levels.
As a previous branch manager I totally agree with Chris Rowley. I see pending doom for this giant, who treated highly experienced staff as idiots, clients as un-important while they chased expansion and profit for those at the top. Can't say I have much sympathy! Lets see what next week brings but I expect many high streets will see further closures.
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