Countrywide tells of times when there is ‘difficult decision’ to close a branch

| Rosalind Renshaw

Countrywide was last night remaining tight-lipped on branch closures – but did not issue a denial.

EYE had asked whether there was any comment on a number of closures that we have been told about.

They include speculation that three King & Chasemore branches in Surrey and Sussex are shutting this week.

A spokesperson said: “Our brands, branch network and the colleagues who work within them remain at the heart of our customer offering.

“As a responsible business we must constantly assess our branch footprint, the customers they serve and their profitability.

“Based on that insight, there will be times when we make the difficult decision to close a branch, and wherever possible, will seek to redeploy the teams.”

In its last annual report issued in March, Countrywide said that from this year to 2021, there would be an average of 600 branches, down from the 714 branches it had at the end of last year.

Yesterday was another bruiser on the stock market for Countrywide, with its shares falling to a new low of 4.5p.

Countrywide hints in annual report that more branches could close

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16 Comments

  1. Chris Watkin
    May 31, 2019 at 06:47

    Surely now is time to consolidate brands and offices, especially in the towns where Countrywide have multiple brands in the same town, .. meaning pick the leading brand, close the the others in the town, rebrand the closing offices stock to the one that will stay, they will have decent market share, and this as most agents say boards breed boards .. will appear as an overnight market leader .. just a thought?

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    1. letstalk
      May 31, 2019 at 07:24

      Only so many times they can try that tactic though and that was one of Alison Platt’s strategies, so we saw that happen a lot a while back.
      Countrywide is a leaky bucket, they buy independent businesses that are profitable because they provide great service, they move them onto the Countrywide system to (in their eyes) make them more profitable by centralising a lot of the work, however, this leaves only small, generally quite inexperienced, teams in beach (again saves on salaries) or experienced staff that are treated like mushrooms with systems that don’t function effectively and this means service level declines and customers, naturally, look for the service they previously had.
      When they were making acquisitions they were constantly topping up with more than was leaking out the holes at the bottom due to this, however, it was only a matter of time before the investment ran out and the topping up stopped…. now they need to find the corks to stem the flow….
      I, for one, am not convinced it’s going to happen, especially as they still have all that debt to pay back from those acquisitions now too!

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  2. seasideagent64
    May 31, 2019 at 07:15

    I understand that the Stratton Creber branch in Penzance is closing next week. That will be at least the fourth office in Cornwall Countrywide have closed this year.

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    1. Pinky and The Brain
      May 31, 2019 at 08:04

      Oh dear another one bites the dust along with Miller Countrywide in Callington closing today… so sad for the staff who have stayed loyal… just maybe too loyal while being led by Yes men.

      I heard a staff member in Cornwall mention his AM the other day as J something ( more like PJ and Duncan ).. sums up the calliber of AM they have been promoting from within over the years…. Weak Millenials with nicknames… Hope is running out!

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      1. NotAdoctor32
        May 31, 2019 at 08:45

        Or maybe his name is Jay?

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      2. dwell
        May 31, 2019 at 12:31

        More Pinky than the Brain in that final comment.

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  3. whatdoiknow58
    May 31, 2019 at 08:14

    CWD still hell bent on shooting themselves in the foot. ” our brands, branch network and the colleagues who work within them remain at the heart of our customer offering ” and that in simple English means what exactly? A totally crass statement when CWD are currently closing branches left right and centre. I am sure the in some cases long serving staff took great comfort from that statement when they were shown the door. ” as a responsible business we must constantly assess our branch footprint, the customers they serve and their profitability ” So any branch which is or likely to be trading at a loss watch out?  Who at CWD issues this dumb and poorly worded rubbish because they sure as heck need a very quick lesson in PR but I guess the PR guys have probably been shown the door aswell and it’s been left to whoever answers the phone to comment?

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  4. Agent5496
    May 31, 2019 at 08:29

    Back to Basics….

    Just like the Conservative’s slogan

    ‘Strong and Stable’ 

     

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  5. Dinamita76
    May 31, 2019 at 08:36

    Tories did ‘back to basics’ just after the ERM disaster.

     

    Many more disasters followed…

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  6. Mrlondon52
    May 31, 2019 at 08:50

    CWD should be reducing their branch network so here they are being criticised for doing the right thing. I would be honest about it – “we are shutting unprofitable branches.” That is sensible. And yes clearly silly to have overlapping brands if they serve the same market segments.

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  7. NotAdoctor32
    May 31, 2019 at 08:55

    The problem is that nobody but themselves cares about their brand.  The people at the top have no idea what the public think, there are far better, more modern, customer focussed branches around – most of them run by ex-Countrywide staff!

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  8. MTOM1
    May 31, 2019 at 09:54

    Michael Bruce gearing up to buy it

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  9. Lettingsagent3
    May 31, 2019 at 10:29

    Not just their highstreet brands being hit, everyone forgets they are supported by an army of poorly paid minions in hub style scenarios.

    If your face doesn’t fit, its time to go – or be a yes man.

    Even the yes men cant be blind to the poorly managed closures and “consultations”.

     

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  10. Gladimoutofit
    May 31, 2019 at 15:06

    Having worked for CW for a number of years I’m so glad I’m out of it! The writing has been on the wall for a number of years. The senior management are a bunch of bullies and I hope they all get what they deserve when their “empire” comes crashing down. My thoughts and wishes are for all those honest people that are still there working their socks off for a lost cause.

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  11. Simba
    May 31, 2019 at 15:26

    With share prices about to hit 3p how can they bury their heads in the sand anymore. ex countrywide who got out and now runs a successful lettings business you realise  just how archaic and draconian the regional managers and senior management have become.  Stuffy offices, dated furniture, old computers, heavy handed door knocking policy it’s all so 80s they just never moved with the times. I knew it was time to go when we weren’t allowed to order stationery and had to go to the local shop to buy copier paper

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  12. Simba
    May 31, 2019 at 15:27

    With share prices about to hit 3p how can they bury their heads in the sand anymore. ex countrywide who got out and now runs a successful lettings business you realise  just how archaic and draconian the regional managers and senior management have become.  Stuffy offices, dated furniture, old computers, heavy handed door knocking policy it’s all so 80s they just never moved with the times. I knew it was time to go when we weren’t allowed to order stationery and had to go to the local shop to buy copier paper.

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