Housebuilder Countryside Partnerships is putting itself up for sale just two weeks after turning down a bid from a US investment fund.

The rejected offer from San-Francisco based investor Inclusive Capital, believed to be in the region of £1.5bn, prompted shareholders to push for a sale.

Countryside said that “a meaningful number of shareholders believe that the company would be in a better position to capitalise on the opportunities ahead as a privately owned company or as part of a larger business”.

Countryside confirmed yesterday that In-Cap, which was set up by Jeffrey Ubben, the founder of activist investor ValueAct, intended to participate in the sales process.

But Countryside is widely expected to attract more interest, with private equity firms, listed housebuilders and privately owned developers all expected to consider making offers.

The launch of a formal sale follows a difficult six months for Countryside, whose shares have plummeted by almost 50% since a January profit warning exposed operational issues at the company and triggered the departure of chief executive Iain McPherson.

Last week, Los Angeles-based activist investor Browning West, which is Countryside’s largest shareholder with a 15%, urged the board to review the business and consider a sale.

Countryside has underperformed rival housebuilders in recent months.