Investors in Countrywide have stumped up a further £37.5m following the company’s recent debt restructuring so that the UK’s largest real estate agency can hit the acquisition trail.

Grenville Turner, chief executive of Countrywide, said that its investors have agreed to provide the additional funds to realise the company’s potential to act as a consolidator in the troubled UK real estate sector. The company will now have around £75m to pursue targets, Turner said.

'Our investors wanted to put Countrywide in a position to consolidate the market should opportunities arise and they recognised that we need a healthy balance sheet to do that,' he added.

Sunday Telegraph