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NEWS FLASH: Countrywide buys Hamptons

Thursday 17th June 2010
Written by Rosalind Renshaw

Countrywide, the UK’s largest estate agency and property services Group, has today announced the acquisition of Hamptons International, and rights to expand across key locations including the UK, Europe and Asia. The acquisition is for an undisclosed sum of money.
 
The agreement includes the global business operations of Hamptons International, one of the premier international residential agencies, and its network of more than 80 branches in the UK and overseas, with rights to further expand the world-renowned brand globally.
 
The acquisition forms a key part of Countrywide’s strategic plan to further expand into the prestigious high-end property market, following the recent purchase of the Sotheby’s International Realty franchise in the UK.
 
Grenville Turner, Countrywide Group chief executive, said: “This acquisition is a major breakthrough for both companies – they are a perfect fit. We identified that Hamptons International offers a key growth opportunity and we recognise the quality of its brand, its people, its branch locations and international credentials.
 
“Countrywide has a proven track record of growing and investing in strong businesses, which speaks volumes in terms of what we can offer Hamptons International. This acquisition will extend our market coverage and support our plans to capitalise on the opportunities in the prestigious high-end property sector.”
 
Hamptons International will continue to operate as a business in its own right and will join Countrywide’s network of 1,200 offices and 43 leading estate agency brands, which includes John D Wood & Co., and Sotheby’s International Realty.
 
Shakeel Barok, acting managing director of Hamptons International, said: “This news marks an exciting new era for Hamptons International to continue to expand and diversify our business. The strength and breadth of Countrywide’s services and infrastructure will enable Hamptons International to continue to drive its vision and business strategy forward. This collaboration highlights the value and reputation of the Hamptons International brand within the market. There is strong synergy between the two companies and I look forward to working together to extend our market reach.”
 
The sale was agreed with Dubai-based Emaar Properties, which will continue to operate Hamptons International in the Middle East and North Africa, with Countrywide owning the rights to expand globally.
 
Countrywide, the UK's largest estate agency, currently employs more than 9,000 staff.

(11) Comments

Added by forever independent on 2010-06-17 19:10:43

Long live the corporates, we independents love them....NOT they struggle like hell in our town we beat them hands down with their white socked managers and terrified area managers lol
Added by Monkey Tennis on 2010-06-17 16:40:36

Countrywides portal presence is miserly, good news for the rest of us.
Added by Matt on 2010-06-17 13:52:25

No-one has mentioned the "M" word yet, but I wonder when people will start looking at the Countrywide business plan and start talking "monopoly"!?!?
There are many high street known brands who are being hoovered up by Countrywide, often unnoticed by the public as the original trading name is retained, and although I do not have any concerns about the competition, in every industry there comes a point where people will start to question whether this is unfair monopolisation of the market!!
Added by TREVOR KENT PPNAEA on 2010-06-17 13:36:19

No, It's just the way I walk!
Added by robbo on 2010-06-17 13:28:50

..wonder if Apple will come up with a "Buy and Agency" App?
Added by robbo on 2010-06-17 13:27:29

a marriage made in heaven
Added by rich on 2010-06-17 13:24:08

Agreed Neil. You have to respect expansion. Harder they fall logic is stupid. Dont leave your house if you that scared of life.

Foxtons are losing millions and still opening new offices. Wil take me years to grow a new pair after what happened. Mind you it is my money i use!
Added by James Kitcher on 2010-06-17 12:50:01

Not a huge surprise that Hamptons have gone with someone, I am surprised about countrywide, there could be a lot of branches coming on in the south of england when they start rationalising the network.
Added by Neil on 2010-06-17 12:28:39

Good Luck to Countrywide. I hope that this is a UK company that can do well internationally. I have to say I am not always happy competing with them, but someone there must have a big set of Cahonees's, so you have to respect that!
Added by dino on 2010-06-17 12:10:53

the bigger they are the bigger the fall :D after all was not that long ago they had to run to bank for help
Added by PeeBee on 2010-06-17 12:05:24

Well... that's another set of boards going to make milk crates, then! Two in a week - wonder who signed THAT one off?

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