It has been confirmed that letting agency Underwoods Town and Country has been snapped up by Countrywide for a seven figure sum.
The deal is believed to have taken place last year but was announced yesterday by Watersheds business consultancy, which negotiated the acquisition.
Underwoods had been in operation in Northampton and Wellingborough for around 30 years, and 10 years ago was bought by Karen Southcott; it was more recently run with the assistance of Southcott’s daughter, Laura.
Both mother and daughter have now left the company; all remaining jobs at Underwoods are secure and Watersheds says the new owners want to develop the agency further.
David Fletcher of Watersheds says: “We've just sold the business for a seven-figure sum to Countrywide plc, a group turning over in excess of £700 million. It’s a personal success story for mother and daughter team Karen and Laura.”
Countrywide has let it be known for over a year that it wishes to extend its lettings activities, largely through the acquisition of independents.
Last month it announced the acquisition of Oxford-based lettings agency Finders Keepers; it has eight offices and 100 staff members plus over 2,400 properties on its books.