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Britain’s biggest estate agency group has embarked on a hunt for a new boss, paving the way for the eventual departure of its high-profile chairman.
<p>Sky News has learnt that Countrywide, which owns the Hamptons International and Bairstow Eves brands, is working with headhunters on a search for a chief executive.</p><p>The appointment of a new leader for the business, which has endured a turbulent few years, will prompt Peter Long to step back from his role as executive chairman, according to people briefed on the process.</p><p>Mr Long, who endured a difficult spell as chairman of Royal Mail Group, is unlikely to leave the Countrywide board altogether for some time, they added.</p><p>News of the search comes four months after Countrywide and LSL Property Services called off talks about a £500m merger which would have created Britain’s largest listed property services provider.</p><p>After the coronavirus lockdown began in March, Countrywide furloughed the majority of its roughly 10,000 employees, with a substantial chunk of them having returned to work in recent weeks.</p><p>The company has struggled during a period of growing competition from online rivals, and has struggled to offload its commercial division, LSH, despite having agreed a sale late last year.</p><p>Countrywide’s value has shrunk drastically since 2007, when it was acquired by the US private equity firm Apollo Management in a deal worth £1bn.</p><p>On Tuesday, its shares closed at 118.75p, giving it a market value of just £38m.</p><p>A Countrywide spokesman declined to comment.<br /></p>
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