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TODAY'S OTHER NEWS

Countrywide: "the rot has set in" but share price has jumped

A few details of a possible takeover or acquisition of Countrywide have started to emerge.

The possibility was first floated in yesterday’s Daily Mail; now London’s Evening Standard newspaper has suggested that “US funds are circling again” over Countrywide.

The troubled estate agency group, prior to its floatation on the Lon don Stock exchange in 2013, was owned by private equity.

The Evening Standard continues: “Analysts believe time away from public scrutiny could help, adding that its founder Harry Hill should be reinstated in a senior role.”

Hill - who spent 23 years in various roles with Countrywide, including chief executive and chairman - has been an outspoken critic of the recent management of Countrywide. He recently took to Twitter to describe the current board as “inept.”

The Standard also quotes Chris Millington, an analyst at stockbroker Numis, as saying: “It feels like the rot has set in at Countrywide.”

However, the share price shot up yesterday at the prospect of new leadership and ownership of the company: by the close it was up a startling 23 per cent to 5.8p.

Countrywide itself is not commenting on the speculation.

  • Simon Shinerock

    I think it’s a golden nugget at 10 or under, property is a cyclical business, smart funds buy low and sell high. So, maybe its time to say buy buy not bye bye to Countrywide

  • icon

    I cannot see any value in the business, based on its current operating basis and the share price bears that out, anyone thinking of speculating should keep their money in their pocket.

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