Company says its soon-to-be former commercial arm is consuming too much management time as it tries to turnaround its core residential business.

Bruce Marsh was until last week part of the team that helped Tesco boss Dave Lewis turn the once ailing retailer around.

Cost cutting measures have helped company's turnover and profits reductions slow but most performance dials have dimmed.

Latest update on its three-year turnaround plan include reducing costs across the group by 10% and growing mortgage and conveyancing businesses.

But Executive Chairman Peter Long says business now run by 'experts' and disarray created by Platt years is being reversed.

Profits have also halved at the troubled estate agency giant but its sales and lettings stock and pipeline is reviving, says Executive Chairman Peter Long.

As Countrywide's share price dips to an historic low of just 8.6p, City and industry analysts are waiting to see if 'back to basics' delivers in NY results.

Countrywide Executive Chairman Peter Long has resigned from his role as non-exec Chairman at the Royal Mail.