Shareholders in Countrywide have approved a £140m emergency fundraising at its annual meeting today.
The new cash is designed to give the group a “greater long-term certainty, flexibility and balance sheet strength, and will allow management to fully focus on the three-year turnaround plan and return to growth strategy”, according to reports.
The plan had originally contained details of an improved ‘golden handcuffs’ for the company’s senior directors and business heads, but was later dropped after pressure from City investors.
The company owns 50 brands including Bairstow Eves and Hamptons International.
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