Countrywide considering sale of commercial property business

FTSE 250 estate agency group Countrywide confirmed on Thursday that it is undergoing a strategic review in relation to its commercial property arm, Lambert Smith Hampton.

In a brief statement in response to earlier press speculation, Countrywide said it is considering a potential sale.

“The process is ongoing and there can be no certainty that any transaction will proceed,” the company said, adding that further announcements will be made as appropriate.

Back in November, Countrywide shares tumbled after it warned that operating profits for the full year would be lower than expected due to a “tough” residential market as a result of a change in stamp duty and the EU referendum.

Shares closed down 1.7% at 176p.