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,…