Skip navigation

Gloucestershire Business News

Estate agent shares plummet

Shares in Countrywide, the UK's largest estate agent group, have fallen nearly 30 per cent, after it issued its second profit warning this year.

Countrywide, whose brands including Bairstow Eves and R A Bennett, which has branches across Gloucestershire, said it expected first-half earnings to be about £20m lower than last year, as reported by the BBC.

The company said conditions in the housing market were subdued and deals were taking longer to complete. It has been hit by a slowdown in the housing market, as well as the rise of online agents such as Purplebricks.

Countrywide said it was looking to raise additional equity finance, with the aim of cutting debt by 50 per cent.

Its share price fell 28% to 56.5p.

In March, shares fell  after Countywide announced that pre-tax profits for 2017 had more than halved to £25.2m, from £52.7m in 2016.

Countrywide employs about 8,000 people nationwide.

Subscribe to Punchline

Related Articles

Tewkesbury firm making parts for fighter jet flies into storm Image

Tewkesbury firm making parts for fighter jet flies into storm

With an otherwise low-profile county-wide a Gloucestershire firm which makes circuit boards for the F-35 warplanes has found itself in media searchlights over its ownership.

WARNING: Overnight closure on Eastern Avenue Image

WARNING: Overnight closure on Eastern Avenue

Gloucestershire County Council highways crews will be resurfacing one of the major arterial routes in and out of Gloucester at the end of the month.

Energy tycoon confident new football stadium will be built Image

Energy tycoon confident new football stadium will be built

The man behind the rejected bid to build a 5,000-seater football stadium in Gloucestershire said he will give planners a ‘second chance’ to make the right decision.

Fourth consecutive win for Gloucester company at major national awards Image

Fourth consecutive win for Gloucester company at major national awards

Gloucestershire-based retailer, ProCook, is celebrating winning Best Multichannel Retailer in the £15-30m category at the Direct Commerce Awards.

Copyright 2019 Moose Partnership Ltd. All rights reserved. Reproduction of any content is strictly forbidden without prior permission.