The chairman and group managing director of estate agency group Countrywide have stepped down, as the company said its shareholders have shown a lack of support for a proposed £90m sale of a majority stake to private equity firm Alchemy Partners.
Peter Long has left his role as executive chairman with immediate effect and group managing director Paul Creffield will leave at the end of March.
Philip Bowcock, former chief executive of William Hill, has been named interim chief executive, and will now lead discussions with Alchemy Partners and rival bidder Connells, as well as with stakeholders over options for a recapitalisation. Deputy chairman David Watson will be acting non-executive chairman until a successor to Long is named.
The company said the planned investment from Alchemy has been met with “insufficient support” from shareholders during initial discussions, but added that they had shown “a recognition of the need for new capital and a readiness among shareholders to invest in the company”.
Countrywide said it continues to engage with both Alchemy and Connells, which plans to offer 250p a share to buy the company, as well as considering a fresh equity raising from existing shareholders.
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