» Countrywide company looks unstable

Operating on a loss, the company will struggle to survive

Article Published: 10th November 2008

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The UK’s biggest estate agent, Countrywide, is facing financial difficulty according to the ratings agency Standard & Poor (S&P). S&P has downgraded Countrywide’s credit rating, saying it could run out of money in the next 12 months.

The Countrywide group includes well known estate agent’s Bairstow Eves, Mann and John D Wood. The group showed an operating loss of £29million in the nine months to September 30th. Countrywide have reported a decline of 33% in revenue.

A city economist said “the outlook for the company is negative; our expectation is that his position will progressively deteriorate over the next 12 months. If, as we expect, market conditions do not improve markedly, the group will exhaust its sources of liquidity before the end of 2009”.

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