Struggling estate agent group Countrywide starts closing branches
The UK’s largest estate agent group has begun a closure program as it struggles with heavy debts and losses.
Countrywide has hundreds of branches across the country using various brand names. It has a heavy presence in south east London and Kent using the Mann brand. It uses the Hamptons brand in Greenwich.
They’ve recently shut their Sidcup Mann branch. The Woolwich branch is currently still open.
The company’s share price fell by 97% to around 7p last year. Over Christmas they launched a share consolidation to obscure the current low value. This sees a number of new shares issued for each old share pushing share prices up from 7p to 360p without the company having gained any extra value.
They have also begun selling assets to battle high dept levels.
Foxtons is another agency that has swung towards losses in 2019. It too has begun closing branches.