Estate agent Countrywide has revealed shareholders failed to give their backing to an investment deal that would hand control to private equity as its top boss also stepped down (PA)Estate agent Countrywide has revealed shareholders failed to give their backing to an investment deal that would hand control to private equity as its top boss also stepped down. The embattled group said talks with shareholders signalled “insufficient support” for Alchemy Partners’ plans to pump in a £90 million investment in return for a stake of between 50.1% and 67.7%. It comes after rival Connells confirmed an £82 million takeover proposal on Monday and challenged the Alchemy equity raise, saying Countrywide needed more capital investment than that under the plans. Countrywide said it was now considering a possible deal with Alchemy on amended terms, a cash-call from existing shareholders and the Connells potential bid. Deputy chairman David Watson has been appointed as acting non-executive chairman and has begun a search for a permanent independent chairman.

Source: Irish Independent November 24, 2020 08:03 UTC