Countrywide has confirmed it has delayed its special general meeting to agree the sale of Lambert Smith Hampton in a £38m deal for “logistical reasons”.
The meeting, which was originally scheduled to take place on the 23 December, has now been moved to after Christmas on the 27 December.
The news comes after Countryside labelled its UK commercial real estate consultancy and transactional business as “non-core” and revealed it has agreed a deal to John Bengt Moeller for a cash consideration of £38m.
The group said the consideration represents a “fair valuation” for Lambert Smith Hampton, representing a multiple of 6x Lambert Smith Hampton’s Adjusted EBITDA. It added the deal will “significantly improve” Countrywide’s capital structure allowing the company to materially reduce its net debt.