It's been revealed this evening that Bruce Marsh, who was to become Countrywide's chief operating officer, is now not going to join the troubled agency group.
A statement from Countrywide to its shareholders, issued after stock market trading closed and during the latest government news conference on the Coronavirus crisis, said: "Countrywide plc announces that Bruce Marsh has informed the group that he will no longer be joining the business. The company announced on October 9 2019 that he had accepted the appointment of chief operating officer, and executive director on the board of Countrywide plc."
No explanation is given as to why Marsh changed his mind, although the period between his appointment and now has seen a series of problems for the hapless company, including a bungled attempt to sell its commercial arm and the sharp collapse of its share price in recent days - a steeper decline even than other property stocks in the Coronavirus crisis.
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On the 17th of October 2019 I posted the following on my Linkedin account ...
'Following the recent (announcement of the imminent) arrival of Bruce Marsh to steady the wheel at Countrywide, whose share price dips below 4p, it was good news that Countrywide had done something new. But, it was potentially bad news Bruce’s very successful career to date, appears to lack any experience in the property sector, unless home DIY can be counted and of course Dixons.
I do hope that in the words of Britney they have not ‘done it again’ as Countrywide had previously installed a CEO the infamous and long-departed Alison Platt whose background was also anything but estate agency.
During her four-year reign there was a 90% drop in the company’s share price. At least with the current share price at 3.9p, no-one can really harm the present fortunes of the company.
True Bruce and Dave Lewis as a double act turned the fortune of Tesco around, following a programme of redundancies and re-modelling.
But, the difference between Tesco and the Behemoth of Countrywide, is that Tesco when turning its fortunes around was in the top three of retailers in the world, Countrywide sadly is not in the same league as many of its competitors.
The jury is out on whether it can survive, (as an ex-employee I hope it does) or it will have a programme of asset stripping and be consigned to history as yet another example of ‘big business’ failing to adapt to the realities of the ‘click generation’ who want service, and brands that deliver.
Less than a week later, and Countrywide welcome on board another face from Tescos, Amanda Rendle.
Actually Amanda Rendle's background may well be useful, with a past including HSB, Masthaven Bank? (yes the experimental one) and currently a non-exec of The Royal Mint and Keep Britain Tidy, she may have access to copious funds - which CW desperately need, and if there is a rout, then at least she can help clean up the mess.
It does astound me why the strategy at the top is - get someone from the outside of the industry to solve our problems and calm the stock market - Alison Platt - prime candidate - property industry knowledge zero - MD of Bupa - that was a good fit.
Here is a suggestion - why doesn't CW put together a 'think tank' (I know very 1960's) of estate agents - and move the company forward that way. Where can they find these calibre of people with industry knowledge? - well - there are thousands of them in their business and if the look at the people they 'let go' in the past 60 months there is probably enough top talent there to make a start.
My thoughts - share price will implode in Spring 2020, when CW looks for another life saving injection of cash, and then piece by piece CW will be sold off. Thoughts?'
So, I was predicting end of Countrywide in the Spring, and I think we are fast approaching that point, as to the share price, it was 305p on the 28th of Feb, (there was a re-calibration of the share price) but it has dropped to 56p today - an 81% drop in just over a fortnight.
Will others now do the honourable thing - resign or will they be pushed - that is about the only unknown factor that surrounds Countrywide at the moment, unless of course there are any other Tesco employees on the horizon.
They're dead. Are branches still opening? Staff bothering to still turn up for work?
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