Countrywide could run out of cash in 12 months

08:03 | 10.11.08

Fears are mounting over the financial health of the UK’s biggest estate agency, Countrywide – owner of Mann , Bairstow Eves and John D Wood, the west London chain.

Ratings agency Standard & Poor’s has downgraded Countrywide’s credit rating, saying it could run out of cash in the next 12 months.

The group showed operating losses of £29m in the nine months to September 30 and reported a 33% decline in revenues to £327m, according to an S&P report last week.

It lowered its long-term corporate credit rating on Castle HoldCo 4, Countrywide’s holding company, to CCC from B, 'due to concerns over the company’s ability to meet its debt-servicing commitments'.

Sunday Times

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