Alchemy Partners has secured the support of almost 45% of Countrywide’s shareholders for its proposed offer for the company.

The private equity firm has confirmed its proposed offering of 250p for each of the estate agency company’s shares and a £70m capital raising that would enable other shareholders to keep stakes in the company.

Alchemy says that it has secured letters of intent from shareholders holding a total of 44.8% of Countrywide’s share capital.

Those supporting the proposal include Oaktree Capital, which has an 18.2% stake, and Hosking Partners, which owns 15.6%.

Connells has also made a move to buy Countrywide, but the company saw its proposed offer of 250p a share rejected.

Alchemy believes that Connells indicative offer has no chance of succeeding due to the fact that a significant number of Countrywide shareholder wish to hold on to their stakes.

The private equity firm also points out that Connells’ proposed takeover would also face scrutiny from the competition watchdog, while also certainly leading to job losses.

Alchemy said under its proposal Countrywide’s existing shareholders would be able to sell their shares at 250p a share to Alchemy.

It would also include a recapitalisation of £70m fully underwritten by Alchemy. This would comprise a placing of approximately 15.6m shares to Alchemy at 225p each, generating gross proceeds of £35m, and an open offer of 35m shares at 100p each.

Shareholders other than Alchemy would be permitted to make excess applications once Alchemy had achieved a 50.1% shareholding.

Under Alchemy’s proposal Countrywide would keep a standard listing on the London Stock Exchange unless at least 75% of shareholders voted otherwise.