Countrywide and Foxtons shares endured a second consecutive bad day on the stock market yesterday, slipping to further lows. Purplebricks shares also fell.
Countrywide fell 5.56%, following a similar fall on Wednesday. Yesterday they finished at 86.6p – exactly £6 down per share from four years ago when they were 686p. Countrywide shares have been lower, at 70.5p in April, but had been putting in something of a recovery.
Foxtons shares fell less hard, at 1.3%, following a 4% fall on Wednesday, but finished yesterday at an all-time low of 57.9p.
Purplebricks ended at 340p, a fall of 4.6%. There may have been concerns about the performance of its Australian business (see our story), raised by an influential publication.
It is thought that Foxtons, as a London-centric company, is particularly exposed to Brexit concerns and international worries.
At Countrywide, sources say there appear to be concerns over the governance, with suggestions that executive chairman Peter Long (born 1952) is “over-boarded”; that operations director Paul Creffield (born 1954) has cancelled his retirement; and that John Hards, called out of retirement to re-head up the lettings operation, will not want to do the job beyond the end of this year.
Our sources say there appear to be no signs of a recruitment campaign to replace former CEO Alison Platt.
I used to love foxtons. Iam not a Londoner . Either they have done everything they can as a business or they need to reinvent themselves. Would love to know what a 30 year old Hunt would do now.
Maybe get Russia to hack purplebricks website . Something massive anyway . Legend .
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Looks like unsteady as she goes at Countrywide as only about 5 weeks to go now until the end of July and the ‘ Grand Plan ‘ to re-invent the wheel is rolled out to interested parties. Not much sign of anything significant happening at Branch level i understand although that’s not unusual. A few former employees have been coaxed back but not enough to make a difference yet and not the deluge promised after the departure of Ms Platt. Share price continues to drop like a stone after the ‘ dead cat bounce ‘ of a month ago. Watch this space….
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