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Countrywide to buy more independent agencies despite profits slump

Countrywide chief executive Alison Platt has confirmed to Letting Agent Today that her group’s strategy of acquiring independent letting agencies continues apace despite poor figures announced to the City yesterday.

Countrywide’s operating profit slumped a whopping 37 per cent in a year, down mainly to poor performances from the sales and lettings agencies part of the group - profits were up in the financial services, commercial property and surveying sections.

But Platt remains undeterred.

She has reaffirmed Countrywide’s intention to expand its lettings division. Announcements in the coming weeks are tipped to include the takeover of a significant sized city-based operator, in line with Countrywide’s desire to expand in urban areas.

She also says “landlord retention” is a key objective, as Countrywide pursues its objective of getting a stronger foothold in the private rental sector - seen as a way of off-setting possible volatility in the sales market.


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