In a new blow for Countrywide, a possible white knight has decided against joining the company.
Countrywide had announced last October 8 that former Tesco executive Bruce Marsh had accepted the appointment, and would also be executive director on the board. Countrywide indicated at the time that the appointment was part of its succession planning.
Executive chairman Peter Long said then: “Bruce brings valuable management experience and a proven track record that will assist the company’s turnaround strategy, and his appointment will complement and strengthen the executive team both now and for the future.”
Marsh had joined Tesco in 2015, and been instrumental in the supermarket’s own turnaround from losses to profits.
Yesterday, Countrywide said that Marsh had informed the group that he would no longer be joining, but gave no further details.
The announcement came yesterday evening after the markets closed and another bad day for Countrywide shares which yesterday plunged a further 31%, following a fall of over 50% the day before, knocking Countrywide’s market capitalisation down by two-thirds over two days, to £18.5m.
The shares ended yesterday at 56p. They had touched 393p in late January.
Countrywide shares were joined by other property firms whose shares received yet another battering.
Purplebricks shares saw another 16% wiped off their value, ending the day at 29.5p.
Foxtons shares also fell again, down by nearly 10% to 41p, while Belvoir shares fell 13% to 94p. Rival The Property Franchise Group’s shares fell far less, down nearly 3% to 172.5p.
LSL shares closed 2.5% down at 170p, halved from 345p a month ago.
Rightmove shares edged 2% down to 504p, while OnTheMarket shares fell to yet another new low, down almost 6% to 49.5p.
Countrywide brings in new top executive as part of succession planning
Comments (11)
isn’t the story about PB share price?
Finally the emperors new cloths have been seen for what they really are. just air & hype !!!!
I always find Hill of Wads posts interesting and informative – I used to think they were from Harry Hill of Countrywide, incognito!
Where does Countrywide go from here?
Harry was very keen to ensure to remove any possible doubt I was his tribute band and any connection . I should imagine he was completely aghast at any possible association. LOL
Where do they go to from here ?
Should imagine some intense activity already amongst the bands looking to plan their independent futures
The banks now fully aware that the BODS have lost the plot will be worried that many may go leaving the debt behind
Oaktree will be coming into their own These situations they thrive on.Maybe buy the debt off the bank for £60m
Probably in discussions with some of the brands leading lights to reform with fresh equity giving them a stake so interests fully aligned and the dance starts again trimmed and strimmed
The way of all estate agent’s flesh Growth and decline and growth again
…surely the issue must be due to the fact that his package is linked to shares, and is therefore now worth less than what he believes (rightly or wrongly) he’s worth…
At the time I said this hire did not make sense and I was right. CW is too inherently challenged on too many levels to be easily fixed and the share price offered and offers scant enrichment possibilities for an exec wanting to create wealth.
Now the succession planning post Long and Creffield is far from certain: who will own the company?
Lastly – and I doubt Peter Long reads this but HIRE A PROPERTY PERSON to run a property company. Have you learned nothing!?!?
As for Hill of wads rants I enjoy them.
Give it a rest mate, these are unprecedented times and I’m sure no-one wants to read this sort of rant.
I do.
Telling how it is.
A lot of the issues CW face are their own doing. As an investor it’s nice to hear what’s going on without the BS PR.
Surely you can see what’s going on without this sort of commentary?
You’re new here, aren’t you?
Nope – new to commenting yes, but not reading. No problem with these comments under normal circumstances.
Priceless . Comedy Gold . When you thought it couldn’t get any worse Except it’s not remotely funny. Spare a thought for the hardworking brands run by this lot .
Having failed to sell LSH ,merge with LSL they now can’t even get a recruitment over the line
Understandably , I guess he didn’t think he could turn this ship around now and no desire to be Captain of the Titanic
Stinging indictment.
Surely the brands cant have any faith in the BODS and must be looking to unshackle themselves to save their skins
Where are the non- executive Directors in all this ostensibly looking after shareholder,s interests?
Where is the accountability?
Rupert Gavin is Chair of the Historic Royal Places. Executive chairman of a theatre production company Also a non exec at Wyevale Garden Centres Perhaps he should be seeing some of his executive colleagues on the Board there on gardening leave
Apparently his family motto is ‘By industry we prosper” Say that to the guys at the coalface walking the hard yards .earning the fees .This situation they find themselves not their fault
Creffield and Long probably some cushy non -exec roles elsewhere awaiting to cast pearls amongst swine .They can take a steer from their colleague Alison Platt who eased herself into a non exec at Tesco and now a further one at Dechra Pharmaceuticals
What Price success?