After Countrywide's second profit warning in three months, Chief Executive Alison Platt has resigned, with shares in Countrywide falling to an all time low.
According to a statement from Countrywide, Peter Long will serve as executive chairman until a permanent appointment is made.
The company has lost focus in it's sales and lettings business and it is imperative that the company returns to profitable growth according to Mr Long.
The company had notified the public that the performance of it's sales and letting business had underperformed in the last quarter of 2017, especially in London and the south east.
Countrywide's profits fell by 22% to £65 Million for the 2017 financial year, which was a fall from their profit of £83.5 Million in the same period in 2016.
The shares of Countrywide had a brief spike in value after news of Platt's departure was announced, however, they are valued at 102.87p as of the writing of this article, the lowest figure recorded.
The current estate agent and lettings industry could be set for a big shakeup due to the underperformance of the market and new players that are disrupting the industry. The lower prices in the market could be good news for buyers however.
Are you thinking of making a move this year? Our Mortgage team here at Westminster Wealth can ensure that you receive the most suitable mortgage for your personal circumstances, needs and objectives. Contact us today.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Our charges are usually between £395 and £995 depending on the type and amount of borrowing required and individual circumstances.
Countrywide boss resigns as shares hit new low