PHOTO: Countrywide operates under about 50 brand names, including Bairstow Eves. Photograph: Graham Turner for the Guardian
Shares in Countrywide have plunged by more than 60% after the struggling estate agent asked investors for £140m of emergency funds to save it from collapsing under the weight of its debt.
Countrywide, which has nearly 10,700 staff and operates under about 50 brand names including Hamptons International and Bairstow Eves, launched the rescue plan after downgrading profit forecasts four times in eight months.
It will raise cash by offering new shares to existing investors but at an 80% discount to their previous value, a markdown that sent the company’s stock market value tumbling as much as 70% in early trading.
READ MORE VIA THE GUARDIAN