Countrywide has agreed to sell its retail business to Mole Valley Farmers Ltd.

Mole Valley will acquire 48 of the 53 farming, equestrian, home and garden stores. The sale also includes Countrywide's website, support teams and IT operating systems for a value that is dependent upon stock levels in the business at time of completion. Countrywide will retain all freehold properties, with Mole Valley entering into lease agreements as a tenant.

Countrywide has stores in Gloucester, Tredington near Tewkesbury, Bourton and Cirencester.

The sale of the retail business will affect around 750 employees, who are expected to transfer to Mole Valley. The five stores that will not be transferring and will therefore close are Amesbury, Glastonbury, Honiton, Towcester and Wenvoe.

John Hardman, Countrywide Farmers chief executive, said: "We are delighted to have reached an agreement with Mole Valley Farmers. This represents an excellent opportunity to secure the future of our retail business with an established sector leading company. I would like to thank all of our staff who work within the retail business. We are very grateful for their contribution and wish them all the very best for the future."

Andrew Jackson, chief executive of Mole Valley Farmers, said: "We very much look forward to welcoming and integrating the Countrywide retail team into the company."

Mole Valley currently has 11 stores - one in South Wales and 10 in the South West from Frome down to Camborne, near St Ives.

Completion of the deal is expected to take place before the end of January 2018.