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Harry Hill, managing director of Countrywide Plc, is to make a management buy-out approach for the UK’s biggest chain of estate agents, which could value the group at up to £900m.
The move comes just weeks after shares in Countrywide fell 7 per cent to 398p after the government said it would water down plans for home information packs (HIPs).
Countrywide owns a fifth of Rightmove, the property website, which was floated on the stock market this year. Yvette Cooper, the housing minister, said in July that HIPs would still be compulsory from next June but would no longer contain a “home condition report”.
[FT]