Countrywide spent £13.6m on exceptional items, scrutiny of its results has revealed, including £3m on consultants.
The UK’s largest agent reported its full-year figures for 2015 last Thursday.
A closer look at the notes attached to the results reveals how much its ‘strategic’ Building Our Future restructure has cost it after redundancies and the bringing in of consultants.
The redundancies cost it £3.289m.
A further £3.288m was spent on consultancy costs.
The £13.6m also included a £6.126m impairment charge from writing down a number of brands as part of Countrywide’s review of the London market.
Countrywide said there were also costs incurred as a result of bringing its London teams together in one office in Oxford Street.
The full-year results announced by Countrywide last week also make reference to Zoopla, in which Countrywide has recently sold almost half its holding, and the ending of an agreement last year.
Comments (2)
Turnover down
Profits down.
Senior management leaving.
Shifting focus from listing and selling and renting property to “Retail”
over 3 million pounds in residences.
Over 3 million pounds in consultants.
Few if any senior management have experience in the property market.
Mass exodus of staff at branch level.
Looking to introduce shift working patterns to be open from 7am to 9pm
Hazarding a guess at all time low staff moral.
Anyone else thing countrywide is being run into the ground? – How much longer will the investors indulge Alison Platt in her radical restructuring?
Yet another purchase for Connells Group
They could sell countrywide to Connells.
p.s. I just did this is in reverse with the story .
he he he he !