Countrywide has sold its Lambert Smith Hampton (LSH) commercial real estate consultancy for £38 million “to further strengthen the Group.”
LSH, which has offices in Nottingham, Lincoln, and Northampton has been sold to John Bengt Moeller.
The move “strengthens the Group’s financial position,” and “enables the Group to focus on its core residential services business.”
The sale is subject to shareholder approval and is expected to complete on 31 December 2019.
Peter Long, Executive Chairman of Countrywide, said: “The sale of the Lambert Smith Hampton commercial business strengthens the Group. Once completed, we believe that the Group will be in a more advantageous position in our core residential market. The Group remains on course to deliver a full year result in line with the Board’s expectations.”