Lambert Smith Hampton posted a drop in EBITDA of almost two-thirds for 2019, as the agency’s owner officially drew a line under a sale of the business agreed last year.
In its own annual results, estate agency Countrywide said that income for LSH, which it is treating as a discontinued operation for accounting purposes, fell by 9% year-on-year to £101.9m. Adjusted earnings before interest, taxes, depreciation and amortisation dropped by 64% to £4.2m.
Countrywide has now terminated a £38m sale of LSH to John Bengt Moeller, having earlier claimed that he had missed several deadlines by which to complete the deal. Countrywide is pursuing Moeller for damages and costs.
The company said it was in continued talks with “another interested purchaser that actively expressed an interest in LSH during the delayed completion period”.
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