OnlineMarketplaces reported that back in November that Connells had made an offer to purchase rival Countrywide for £82 million. Countrywide’s board has accepted the offer which will eradicate all of Countrywide’s debts, invest in its technology, branch network, and staff, stabilize and enhance its business to optimize customer, employee, and stakeholder satisfaction.
David Livesey, Connells Group Chief Executive, said:
“Our primary motivation for the acquisition is to invest in and grow the Countrywide business. We believe that we have the right management team, strategy, and investment firepower to work with the talented teams at Countrywide and lead Countrywide into a bright future.”
This is huge. Both companies are juggernauts in the UK, having also played major roles in the development and launch of Rightmove. Both companies list on the major properties portals servicing the UK, including Rightmore and Zoopla. The acquisition can do nothing but improve the experience for agents involved.
Anthony Codling, Twindig, said:
“We believe this is the best result for Countrywide because Connell’s has a tried, tested, and successful management team.
“Connells will focus on an operational turnaround which will be in the best interests of both employees and the business whereas a Private Equity buyer would have focused on a financial turnaround, seeking to maximize financial returns at the point of an exit rather than being committed to the business for the longer term.”