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UK's largest estate agent group plans IPO UK's largest estate agent group plans IPO
(7 months later)
Britain's largest estate agent group, Countrywide, is to return to the London stock market after six years in private ownership.Britain's largest estate agent group, Countrywide, is to return to the London stock market after six years in private ownership.
The company, which operates 931 branches through 46 brands such as Hamptons International and John D Wood and Co, hopes to raise £200m from the initial public offering which will be used to repay debts and expand a business that was forced into a debt-for-equity swap at the height of the credit crunch.The company, which operates 931 branches through 46 brands such as Hamptons International and John D Wood and Co, hopes to raise £200m from the initial public offering which will be used to repay debts and expand a business that was forced into a debt-for-equity swap at the height of the credit crunch.
Its chief executive, Grenville Turner, pointed to a revived housing market as affordable mortgages had become more available. Halifax said this month that house prices had seen their strongest quarterly rise in three years.Its chief executive, Grenville Turner, pointed to a revived housing market as affordable mortgages had become more available. Halifax said this month that house prices had seen their strongest quarterly rise in three years.
When Countrywide was bought in 2007 by the US private equity group Apollo Management for £1.1bn, house prices had risen by 204% over the previous decade.When Countrywide was bought in 2007 by the US private equity group Apollo Management for £1.1bn, house prices had risen by 204% over the previous decade.
By 2009, just two years after it was bought, Countrywide had agreed a debt-for-equity swap with its lenders. Oaktree Capital, the US restructuring specialist, took control after a housing market slump that saw the loss of 1,500 jobs. Oaktree restructured the operation with a focus on London and the south-east.By 2009, just two years after it was bought, Countrywide had agreed a debt-for-equity swap with its lenders. Oaktree Capital, the US restructuring specialist, took control after a housing market slump that saw the loss of 1,500 jobs. Oaktree restructured the operation with a focus on London and the south-east.
The firm, which employs 8,500 people, has declined to say what it will be worth after the float, except that it expects to be listed in the FTSE-250 index. The decision to return to public trading comes after housebuilder Crest Nicholson returned to the stock market last week, valued at £553m after the flotation.The firm, which employs 8,500 people, has declined to say what it will be worth after the float, except that it expects to be listed in the FTSE-250 index. The decision to return to public trading comes after housebuilder Crest Nicholson returned to the stock market last week, valued at £553m after the flotation.
"Sentiment is much stronger than it was five years ago and the availability of affordable mortgages is coming back," said Turner. He explained the IPO market was now functioning normally again following the financial crisis. The pick-up has been attributed to rising equity markets. The government's Funding for Lending initiative has eased the mortgage market and made more money available, he said."Sentiment is much stronger than it was five years ago and the availability of affordable mortgages is coming back," said Turner. He explained the IPO market was now functioning normally again following the financial crisis. The pick-up has been attributed to rising equity markets. The government's Funding for Lending initiative has eased the mortgage market and made more money available, he said.
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