Countrywide seeks fresh funding as property sales slide

UK’s biggest estate agency group issues fourth profit warning in eight months

Shares in Britain’s biggest estate agent, Countrywide Properties, have plunged 25% after it issued its fourth profit warning in eight months and called on shareholders to raise fresh funds to cut its debt.

Countrywide, the company behind Hamptons, Bairstow Eves, Taylors and Gascoigne-Pees, has been hit hard by a downturn in the housing market in London and the south-east, a botched revamp of the business and growing competition from new online firms such as Purplebricks.

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Source: the guardian – property
Countrywide seeks fresh funding as property sales slide