Connells creates new market behemoth with Countrywide

摘要

On New Year's Eve, Connells agreed a takeover offer for Countrywide, bringing two of the biggest estate agency companies together after a competitive bidding war. Countrywide, whose brands include Hamptons,John D Wood and Bairstow Eves, had been struggling under a heavy debt pile for years. Despite a turnaround plan in 2018 that aimed to cut net debt in half, including a £129m fundraising, the firm still reported net debt of £92m on 30 June last year.