Estate agents Countywide and LSL Property Services have confirmed they are in discussions to merge in a deal believed to be worth almost £500m.
It was previously reported that the two companies were said to be in “serious” discussions of a possible merger which would see the creation of the UK’s largest estate agency group in the UK.
However, in a statement this morning Countrywide confirmed that it is in discussions with Countrywide regarding a possible all-share combination.
It added that discussions between Countrywide and LSL are “ongoing” and that at this stage, there “can be no certainty” that any offer will ultimately be made for Countrywide.
In an almost identical statement LSL also confirmed the reports.
Collectively the two estate agents have a portfolio of over 1,000 outlets including property agents such as Bairstows Eve, Hamptons, Your Move and Reed Rains.
Recently, Countrywide reported losses of £218m for 2018, compared with a £207m loss last year, but attributed the loss to “Brexit uncertainty”, but also announced the £38m sale of Lambert Smith Hampton, late last year.