Nov 24, 2020

Countrywide appoints interim chief after shareholders reject rescue deal

Countrywide has parted ways with its executive chairman after shareholders rejected a private equity rescue deal for the struggling high street estate agent. Peter Long, who has led the company since January 2018, stepped down on Tuesday after a proposed package he had negotiated with private equity firm Alchemy Partners was rebuffed by shareholders. Countrywide has appointed the former boss of William Hill, Philip Bowcock, as interim chief executive, as it attempts to arrest a years-long decline. Connells' all-cash offer values Countrywide at £2.50 a share, or around £80m. "There are options that are available, I now need to work with shareholders to find the right one," said Mr Bowcock, who joins with immediate effect. In its latest results, Countrywide announced a pre-tax loss of £44m for the six months to June 30.

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