Countrywide announced this morning that Peter Long has stepped down from his role as executive chairman and has retired as a director of the company with immediate effect.

In addition, Countrywide announced the appointment of Philip Bowcock as interim CEO with immediate effect.

Bowcock, previously CEO of William Hill plc, will oversee the business. He will also lead the discussions with major shareholders towards stabilising the company’s capital structure, and discussions with Alchemy Partners and Connells in relation to their proposals.

Further, Paul Creffield, group managing director, has indicated his intention to retire from the company with effect from today.

Creffield will retire as a director at the end of March 2021, following which he will remain available for the remainder of his notice period in order to support a smooth transition process.

The statement said: ‘Mr Bowcock will undertake those elements of his role which do not constitute senior management functions in relation to Countrywide Principal Services Limited with immediate effect. Mr Bowcock’s appointment is otherwise subject to approval by the Financial Conduct Authority, and this process is underway.

‘David Watson, currently Deputy Chairman and Senior Independent Non-Executive Director, has begun a search for a new independent Chair to succeed Mr Long.  In the interim, Mr Watson is stepping up as Acting Non-Executive Chairman, and Natalie Ceeney CBE, currently Non-Executive Director and Chair of the Remuneration Committee, will become Senior Independent Non-Executive Director.’

Commenting on the changes to the board, Long said: “This business has many underlying strengths and a terrific group of people.  It was always my intention to step back when we found the right figure to take Countrywide forward, and Philip is that person. The business is in good hands.”

David Watson, acting non-executive chairman, commented: “Peter has worked tirelessly to secure the future of Countrywide.  He has done the company a great service in bringing our shareholders to the table for constructive talks. This is a fundamentally sound business with a bright future.  Philip’s wealth of experience in leading large, listed companies will be hugely valuable as we navigate the near-term challenge of recapitalising the business and position it for long-term success.”

Creffield said “Philip’s experience in leading a people business with significant high street presence will complement the deep industry experience of our talented teams well.  This business has demonstrated its quality with strong trading through a difficult year. I’m delighted to welcome Philip to Countrywide and look forward to working with him and supporting him through this transition.”

Philip Bowcock, interim CEO, added: “Countrywide is a strong business that has been held back by its debt burden. It has the largest estate agency network in the UK, a portfolio of well-known and trusted brands, and great people with significant real estate experience.  I look forward to working with the team at Countrywide and our shareholders to unlock the long-term value of the Company’s underlying resilience for all our stakeholders.”

As a result of the above changes, Rupert Gavin, non-executive director, will join the Group Audit & Risk Committee (GARC), Amanda Rendle, non-executive director will join the Remuneration Committee, in each case with immediate effect, and David Watson will become the chair of the Nomination Committee subject to approval by the Financial Conduct Authority.

Meanwhile, Countrywide says that discussions with the company’s shareholders have indicated insufficient support for the Alchemy Transaction in its existing form, but also a recognition of the need for new capital and a readiness among shareholders to invest in the Company.

‘In light of these discussions, the Board is continuing to engage with all major shareholders to explore all potential options to deliver a sustainable capital structure for the Company and to maximise shareholder value, including (but not limited to): (i) a capital raise to be underwritten by Alchemy Partners on amended terms; (ii) the indicative approach received from Connells Limited (as announced on 9 November); and (iii) a capital raise from existing shareholders of the Company.  The Company will provide an update on these discussions in due course as appropriate,’ the statement said.