Lambert Smith Hampton’s income was down by 13% for the five months to May 2020 with adjusted EBITDA of £700,000, Countrywide has reported.
In an update, Countrywide added that discussions were continuing with a potential purchaser of the LSH business.
Countrywide also confirmed that it was pursuing previous LSH buyer John Bengt Moeller for damages and costs after he failed to complete the £38m purchase of the business earlier this year following exchange of contracts and shareholder approval.
Countrywide said that its group income for continuing operations was down 29% to £145.2m for the five months to May 2020, compared to 2019. The firm said this reflected the closure of all its branches from 23 March due to the UK’s lockdown.
In addition, adjusted EBITDA was down from £10m to £7.4m due to an £8.1m hit from the tenant fee ban.
Countrywide’s net bank debt was £55m and liquidity headroom stood at £64m. It also has a revolving credit facility of £125m committed until September 2022.
It added that it was exploring the availability of funding to large businesses under the Coronavirus Large Business Interruption Loan Scheme.
Countrywide furloughed 78% of its staff under the government’s job retention scheme. More than 3,000 employees have now returned to work.
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