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.

Related Articles

Man who opened restaurant with ‘no experience’ wins national food award Image

Man who opened restaurant with ‘no experience’ wins national food award

Nigella Lawson and Jay Raynor, no less, have awarded a Cheltenham restauranteur with a 2019 Observer Food Monthly Award.

Royal shirtmaker’s losses shrink Image

Royal shirtmaker’s losses shrink

A maker of bespoke handmade shirts with a Royal Warrant from Prince Charles has seen its losses shrink after a year in which it raised an extra £1 million of investment.

Renishaw tech enables growth of advanced bicycle frame business Image

Renishaw tech enables growth of advanced bicycle frame business

Told backwards it seems inevitable a team of former Toyota engineers who forged a performance bicycle frame business post-redundancy would find themselves using 3D printing.

Businesses sought for new Forest of Dean development Image

Businesses sought for new Forest of Dean development

Back in 2017, Forest of Dean District Council revealed plans to regenerate the former Lawnstone house, bungalow and annex site in Coleford.

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