Countrywide set to snap up agents anywhere in UK

Countrywide has made it plain that it wants to buy up traditional high street independents, large and small, anywhere in the country.

In what seems to be a ringing vote of confidence for the high street, the firm has expressed no interest in online agents – although CEO Alison Platt, in an interview with EYE, did say that Countrywide would launch an online offering.

Its strategy looks set to give a number of independents an exit strategy, but how Countywide will deal with a potentially large number of many local brands is less clear.

However, the largest estate agency in Wales, now sold to Countrywide, will retain its identity.

John Francis, which operates a 21 branch network covering Swansea and south Wales, was one of three substantial regional independents whose sale to Countrywide was announced on Friday.

The business has told the South Wales Evening Post that it will continue to operate under its brand name and be managed by directors Bethan Edmund–Harper and Richard Emmanuel.

Former owners Nigel Jones and Trevor Carr will become consultants.

Edmund-Harper told the paper: “We are delighted and excited to have joined the UK’s largest property services group.

“John Francis is a strong brand and a well known business in Swansea and across south Wales, and as part of Countrywide we believe that the business will continue to flourish and grow.

“The business will continue to trade as normal across our branch network and our employees will continue to deliver a high quality customer service as always.”

In Liverpool, Countrywide has snapped up two of the city’s biggest independents, Clive Watkin and Sutton Kersh.

It is thought that its interest in the city is largely driven by prospects in the private rented sector.

Last year, Countrywide announced its entry into the ‘build to rent’ sector via a partnership with Hermes Investment Management to create a residential property fund for the private rented sector.

The fund, called Vista, targets high-quality, purpose-built residential stock across the UK.

Earlier this year, it was announced that a scheme in Liverpool, Baltic Village, was sold to Vista in a deal worth over £50m.

The scheme will consist of 324 apartments but has been a symbol of Britain’s property market crash and subsequent revival.

Work started on the city centre site in 2006, but the scheme collapsed in 2007 with debts of £46m, becoming one of the biggest property failures in Liverpool. The site was abandoned, but the Baltic area has since undergone transformation. Baltic Village is due for completion next September.

The sudden growth in what was already the UK’s largest estate agency group puts under the spotlight what Countrywide will do with all its brands – with speculation that it will drastically reduce its number.

However, a spokesperson told EYE: “We are not looking to reduce to a handful of brands.”

She emphasised that Countrywide’s business proposition is all about local brands, but added: “We are looking at consumer research.”

Countrywide has emphasised that it will continue its growth drive – its ambitions are to double in size within five years – and says it wants to hear from any agency owner, whether of single of multiple offices, anywhere in the UK.

It has openly released contact details for agencies looking to sell, saying its commercial director Bruce Evans can be reached “in absolute confidence” on bruce.evans@countrywide.co.uk

The huge buying spree by the corporates is not unprecedented, echoing what went on in the late eighties to nineties – but which ended in tears.

Ironically, Countrywide itself began after precisely that, with the legendary Harry Hill buying Nationwide’s estate agency business for precisely £1.

Originally posted here.

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