The Countrywide name is set to disappear from the stock market in a week’s time - and may soon be gone completely as a company name, too, as it becomes part of Connells.
One of the final hurdles in the acquisition has been passed with approval for the deal being given by the Financial Conduct Authority - always regarded as a formality.
The final day of trading in Countrywide’s shares will be this coming Friday, March 5, and then Countrywide shares will be formally suspended as the London Stock Market opens on the following Monday, March 8. The shares will then be formally and finally cancelled on March 9.
While the death of Countrywide as a separate entity has played out, Connells has been working on the acquisition, largely under the radar.
In recent months Connells has signed a new five-year deal with Zoopla that will mean it’s the first agency to try out the portal’s new PropTech features - Zoopla says that will include the former Countrywide branches, too.
Connells has also recruited two prominent PropTech figures to work on the integration and IT development of the combined branch network.
Gary Barker was chief executive of Reapit before a short period at yet-to-launch portal Boomin. He becomes Connells’ IT guru.
Jon Notley headed up Zoopla’s sales team before becoming a founder of the Zero Deposit service; he will lead the integration of Countrywide and Connells operations.
Over the festive period Countrywide agreed to an offer by Connells of 395p per share.
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It’s actually an exciting new chapter for Countrywide and Connells group combined.
You could see countrywide invested in and free from debt really turn a sharp corner by the end of 2021.
Connells have announced that Countrywide and Connells businesses will run ‘materially in the same way’ once the acquisition completes.
Countrywide name will stay and run similar to sequence group as a subsidiary of Connells.
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