The UK’s largest estate agency group Countrywide – with many sub-brands operating in London – continues to flounder making further big loses and being fined for multiple breaches of anti-money laundering laws.
In south east London the group operate under the Mann brand with branches in Woolwich, Sidcup, Lewisham, Catford and Lee.
Losses last year totaled £218 million after a £207 million loss the year before. The share price has tanked from 599p in 2015 to less than 8p today.
They also operate using the Bairstone Eves brand with branches in Abbey Wood and Bromley, among others.
Countrywide saw the largest fine issued in the UK among agents for not adhering to money laundering rules.
There is speculation as to how long the company can limp on – which is shown in the struggling share price. Plans to shut hundreds of branches appear to be underway.
The company has charged excessive letting agent fees for years which could be a factor in turning customers away, and be a factor in the incoming ban beginning in less than two months.