Countrywide will continue to trade under its existing brands and operate as normal. The surveying and asset management businesses will operate as separate entities to ensure competition and choice in their respective sectors.
Connells will invest into Countrywide’s technology and focus on growing the business.
The acquisition sees Countrywide relieved of £91.9m in debt and avoiding administration. All of its lenders will be repaid this quarter.
The deal was accepted in January by 51 per cent of Countrywide’s shareholders at a value of £130m.
The group will be headed by chief executive David Livesey and management from both companies will oversee the daily operations of Countrywide and the integration of the businesses.
Paul Creffield, group managing director of Countrywide will transition to a part-time role ahead of his retirement.
Livesey said: “Our companies have a long, shared history, competing healthily on the high street and in the industry, and sharing many of the same attributes – a clear strategy to be market leader, to move the property industry forward and to keep our customers and clients at the heart of our activities.
“We look forward to welcoming all our new colleagues into Connells Group, working together on our exciting future and turning Countrywide around for our shared success.”
