A sale of Lambert Smith Hampton has been thrown into doubt after owner Countrywide announced a recapitalisation at the hands of a private equity house.
Estate agency group Countrywide has accounted for LSH as a discontinued operation held for sale since late 2019, with a planned £38m sale falling through earlier this year and talks with potential buyers ongoing. In its interim results, published 22 October, the company said LSH will be sold by the end of this year.
However, a separate announcement detailing the sale of a majority stake in Countrywide to Alchemy Partners said that the private equity firm has fresh plans for LSH, including “expanding geographic and service line[s]” in the business.
A person familiar with the situation said that although a sale of LSH cannot be ruled out, it is likely that Alchemy will want to keep the business as part of the wider Countrywide group.
In Countrywide’s results, the company said LSH’s value had fallen by £14m since the original sale was agreed.
The latest development comes after an eventful year for Countrywide and its ownership of LSH. A £38m sale to John Bengt Moeller was called off after the buyer missed several deadlines by which to complete the deal.
Countrywide has repeatedly said since that other buyers are interested in taking on the business, although no talks have progressed to a point at which shareholders have been informed of details. In its results today, Countrywide said it is still pursuing Moeller for damages and costs over the terminated deal.
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