An almost-new branch of Countrywide brand Greene & Co has shut its doors.
The flagship Greene & Co office, in Kentish Town, opened with considerable fanfare just under two years ago in January 2015, with a number of launch events including a pop-up cinema.
Months later, in May, the whole Greene & Co business, founded in London some 30 years ago, was bought by Countrywide-owned Hamptons.
The price paid by Countrywide was said to be an “eye popping” amount, at the very top of the range.
The picture has now literally changed.
Taken a couple of days ago, the Kentish Town branch is now empty, but has “We have moved” messages on it. It appears the Kentish Town operation has been transferred to Belsize Park.
We asked Countrywide’s head office for information.
However, a spokesperson referred us to an earlier statement, saying it would not add to this because of ongoing consultation.
That statement earlier this month was: “Building on last week’s changes to our Retail and London businesses, on Friday, Dec 2, we updated colleagues on the next phase of change spanning Retail, Conveyancing and our support functions.
“These changes include streamlining our branch footprint and regional management structure and launching a consultation process at our Conveyancing centre in Bridgend and a consultation process involving some of our colleagues based in our Sales Support Centre in Cheadle.
“As always, we remain committed to working with colleagues to ensure that those who wish to be redeployed are supported in doing so.
“In parallel, and on the back of a successful pilot, we are now rolling out our online offer to the next wave of brands and branches as planned.
“We are moving at pace with these strategic choices and investments so that, even amidst a changing market, our business is primed for success in 2017.”
Last month, it was said that Greene & Co had opened two new offices, in north London and the City, boosting the brand to nine offices.
However, it then emerged that these were rebrands from Bairstow Eves offices in Willesden and Harringay, as confirmed by Countrywide.
Are countrywide trying to develop into a high street/online/local agent hybrid……online but with a few offices here and there…..or are they trying to become all things to all people. Does anyone have a handle on the overall strategy?
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Correct, fewer branches with lower head counts covering a larger area. Offering a listing only service with an upfront fee with the option to transfer to full service full fee at a later date with the fee already paid deducted upon exchange. In theory not a bad idea as will still be able to cross sell mortgages etc but quite clearly they are struggling to implement any sort of change at all. The marketing spend to roll out a listing only service will be astronomical.
Seems to me everything Countrywide do is about generating cash flow, selling Zoopla shares, upfront fees, charging for marketing packs, selling the commercial arm etc etc etc. If the ban on tenants fees comes in they will be even more squeezed, its like watching a huge car crash in very very slow motion.
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Strategically Stupid!
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‘…we updated colleagues on the next phase of change spanning Retail, Conveyancing and our support functions’
Should that not read ‘…we updated soon-to-be -ex-colleagues…’?
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The very use of the word “colleagues” highlights the ‘Retail’ path that is being taken here.
Back in the BHA days (before they were bought by Bradford & Bingley and then absorbed into the sorry pool of slop you are now witnessing CW degenerating into…) the various regions had their own degree of autonomy and were given enough rope to let those that knew best do what was best for the business.
How times have changed…
…and prima facie evidence, I would suggest, that ‘change’ isn’t always for the better.
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As you like a good quote PeeBee I thought this one appropriate.
‘Do not let spacious plans for a new world divert your energies from saving what is left of the old’. Winston Churchill.
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Oh… how true, Sir!
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Re: “a spokesperson referred us to an earlier statement, saying it would not add to this because of ongoing consultation.”
Judging by the mattress left outside I would say someone is sleeping on the job !
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Anyone know how much they paid for Greene & Co.?
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I would love to know as well. £22-27 million I would guess.
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“Primed for success” eh? Have they looked at the dictionary definition of success I wonder?
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The insanity continues……………………
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Oh my word. It’s seem to be getting worse on an hourly basis. The (mediocre) management are trying to create the illusion of being a better equipped company come 2017 and that all will be good. The message is that the staff that have gone weren’t good enough which is why they’ve been gotten rid of. Fact is that there are less and less people of any quality around to do the job and fewer still that can compete with the independents. Morale is littererally on the floor and motivation is nonexistent. If the hybrid route is what they’re after then they will quickly find out that the only way you get success from that will be from high volume and low overheads. Unless Ali and Sam can close another 800 or so branches and walk away from the rents and rates then that plan ain’t working. Then all they need is the volume; well that’s just not there and can’t see it being. Accept it; you’re simply not good enough I’m afraid.
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Share price at the end of the day is 170.75. Any takers?
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Still someway to drop. I would be tempted around the £1.20 mark and hold out for a buy out.
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I hear that last week all senior managers and directors of Countrywide Group were told annual bonuses for this year, 2016 would jot be paid. Shocking news and blow to hard working senior people.
likley to result in bonuses of £20,000-£70,000 not being paid. In spite of the fact that they appear to be on track to a decent profit result for this year.
very disloyal if true, especially if the board waited until this late in the year to make the annnouncement that the bonuses, which are normally paid in March, are not going to be paid.
100 plus people paying for the mistakes of the board and the CEO, cannot blame it on Brexit!
expect to see more expericed people leaving once the find a new opportunity.
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Managers have just been made aware due to the companies poor performance this year that their bonuses will be cut by 25%. With non fee earners (admin staff) not being paid at all.
Brace yourselves ladies and gentlemen… you are about to see another mass exodus of branch staff now. Thanks again Mrs Platt. My branch generated over £150,000 worth of profit for your company this year and I am rewarded with having 25% of my hard earned bonus deducted.
Love countrywide – ‘the employer of choice’
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This company was once a great company to work for but now it has lost its way. We have a CEO that pledges to double the size of the company and make it a FTSE 100 company by 2020 , so far she has reduced the size and got the company demoted out of the 250 ! , on top of that they want to employ and retain the best people , they go about this by reducing the managers bonuses by 25. % and tell the staff at the end of the year ! If the higher management have any morals the should hang their heads in shame and resign before all the loyal hard working staff leave.
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Yes we will lose 25% of any ‘Profit’ bonus. Those of us who make a profit and have survived the last two years of foolishness are just about to leave the Titanic taking the last of the lifeboats with us. Once a great firm with excellent management now controlled by those with no experience in the industry. Will she still be afloat come March 2017?
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What a disappointment for many of us who spent 2 decades building Countrywide into the leading owned agency group in the world, to see the disintegration of the group and the huge number of committed and experienced people who have been so thoughtlessly discarded. Whether the downward spiral can be arrested under current or new management I’m not sure. Personally I doubt it. If not, the share price, post the next results when the dividend looks certain to be slashed, could fall even further and become more attraction to a break up merchant.
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Unlike the days when you were Chief Exec Harry, there is no confidence in the management of the organisation and if there were sufficient opportunities elsewhere I doubt they would have any staff of any ability left. The end result will be an implosion of the group and the brands that at one point were among the market leaders in their locations. Your very own ‘Abbotts’ is being destroyed (strong words I know but true) along with many others.
The remaining ‘leadership’ as I think they enjoy being referred to as, are leading the company to oblivion. I cannot see that there will be any organisation large or well resourced enough to have the time to recruit those that can reverse what has happened in the last 18 months. Those that are there are capitulating and complicit in the disaster that is unfolding.
The market is challenging and it takes a long time to reverse a branch’s fortunes and that is provided there is a reasonable market to operate in.
No good news or happy new year it appears.
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