acquisitions
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Latest property news
Countrywide set to make fresh acquisitions
Countrywide has announced that it has reached an agreement to increase its financing facilities from £150 million to £250 million. The FTSE-250-listed plan to use the additional finance for general corporate purposes, including the funding of potential acquisitions. The £250 million revolving credit facility, which will mature on March 20, 2018, has been provided by its current banking syndicate, comprising Abbey National Treasury Services, AIB Group (UK), Barclays, HSBC, Lloyds and National Westminster. Countrywide said that the added borrowing capacity was in line with a rise in the firm’s profitability. Jim Clarke, the Chief Financial Officer at Countrywide, said, “We are pleased that our existing banking partners continue to support us, and we are able to continue our strategy for growth, both organically and through acquisitions, while maintaining conservative levels of financial leverage.” Nick Dunning (left), Group Commercial Director at Countrywide, last month said it was an “exciting period” for Countrywide Residential Lettings, with the growth in the firm’s operation a major focus for the entire group. Since the start of last year, Countrywide has acquired 23 lettings businesses. With plans for further acquisitions in the pipeline for this year, Countrywide Residential Lettings recently launched its third Graduate Management Programme,…
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Agencies & People
Agents announce major acquisitions
Carter Jonas has announced that it has agreed a deal to buy the New Square Holdings Group comprising two Cambridge based property companies, while Brown and Merry, which is part of the Sequence UK network, has acquired Berkhamsted and Chesham based independent estate agent, Adrian Cole & Partners. Carter Jonas’ acquisition of Januarys, the commercial and planning consultants, and residential sales and lettings agency, Bradshaws, will be effective from 30 January 2015, and will increase Carter Jonas’ team of property specialists based in Cambridge to 80. Over the coming months, the various business streams of the two firms will combine to produce a multi-disciplinary property consultancy, covering the eastern region with offices in: Cambridge, Bury St. Edmunds, Peterborough, Long Melford and Northampton. Mark Granger (left), Chief Executive, Carter Jonas, commented: “The acquisition of Januarys and Bradshaws continues the growth of our presence in the eastern region that has included other purchases in the last few years, namely Jeffersons Commercial, and the rural business, HW Dean. It is very much in line with our national strategy.” This latest deal follows a series of recent acquisitions by Carter Jonas including Sullivan Thomas, the residential business based in Fulham, Parsons Green and Wandsworth;…
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Agencies & People
Big wheels keep on turning
Andrea Kirkby investigates corporate strategy in a difficult market.
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