Estate agency Countrywide says it is now exploring “alternative options” for the sale of its Lambert Smith Hampton business – and could yet seek legal damages from would-be buyer John Bengt Moeller.
Countrywide announced on 7 February that it had been unable to secure the payment necessary to close a £38m sale of LSH to Great Global Holdings owner Moeller owing to him “being indisposed during January and due to logistical difficulties relating to the transfer of the requisite completion monies”.
A spokesman told EG earlier this month that there was no further timetable for the planned deal, and the company has now announced in a trading update that the transaction appears unlikely to close as planned.
“Following protracted efforts to effect completion and after agreeing a revised timetable to complete on more than one occasion, Mr Moeller has failed to complete the transaction in accordance with the final timetable set for completion by 12.00 on 11 March 2020,” the company said.
It added: “The company continues to engage with Mr Moeller and wishes to effect completion as soon as possible. However, given the significant delay caused by him, the company has notified Mr Moeller that it will now also explore alternative options for the sale of LSH, and is considering its legal options to pursue Mr Moeller for damages and costs from continuing delay in completion.”
Countrywide said it is in discussions with another possible purchaser that “actively expressed an interest” in the LSH business during the delayed process.
Moeller told EG he hoped the delay would be “solved soon”.
“We at Great Global [Holdings] have used our best endeavours to comply with the revised deadlines decided by Countrywide,” he said. “The delay is a result of several regulative compliance challenges, which is outside our control. Great Global [Holdings] wish to complete the LSH acquisition subject to no further peripety.”
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