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Maven Investment Partners Ltd-who are these guys
Spot on.Some people just roll over
Sain. As a former CWD employee of many years standing perhaps I can give you my opinion. With very few exceptions anyone with either the knowledge, ability or desire to promote themselves forward actually remain within Countrywide at the required level. It was frightening to see how many capable MD's and many at director level were either forced out during the Platt era or simply could not stomach the crazy ' retail ' strategy which she and her appointed successor to Bob Scarff tried to implement. Those that remained were happy to go along with a strategy they knew to flawed ( and privately admitted was madness ). What do these people who were then responsible for the almost total financial collapse of this business say when questioned by any prospective board or employer on taking up another role elsewhere? Pretty sure Connells won't be fooled for too long post takeover.
Bittersweet
Sorry to heart that a final kick in the teeth .i really don't know how these"professional non-exec Directors "get away with it .seamlessly coast from one board to another picking up nice little earners ,teflon coated when the proverbial hits the fan .their reputation remaining intact .
Just think Platt sits on the board of Tesco as a Non-Exec
One question ? How come there has been so little noise from the Directors of the brands on how CWD is run .Surely there must be sufficent disgruntled Directors capable of mounting some sort of challenge? These are professionals who have allowed their careers to be tossed around like pancakes
Sadly I didn't and as a former employee who was virtually forced to take early retirement from them in the last 12 months my once hoped for nice addition to my pension of a fairly decent amount is now, at Cornell's T/O price, worth less than a 10th of that. Bitter doesn't even come close and i suspect there are many more out there like me.
Sequence and Connells staff all the way up to MD level run separately
I don’t think it would be logistically possible for a regional manager to cover a mixture of CW and Connells offices
Maybe MD level they could bring the roles together but it’s a huge business to navigate combined.
Main headcount reduction will be in head office roles I feel.
Agree with the comments regarding any takeover in so much that the people who should be worried are sadly ( with a few exceptions) all wearing a CWD hat currently. Two Regional Managers covering the same patch? Two MD's ? etc. etc. I don't think so. Branch staff fairly safe I suspect as they were not the reason why CWD got into a mess and based upon my own experience no one listened to your opinion anyway. The yes men/women who went along with the crazy ' retail ' strategy when they privately knew it to be flawed are the ones who should be worried if the Connells deal succeeds and i for one would like to hear how they try to dig themselves out of that hole. Trust me I'm an Estate Agent!
Shareholders have taken a massive hit. Had hoped to make back some of my losses from buys a few years back. Have held on in the hope, fingers crossed there is still time for another party to join.
This will also hurt some of the staff, acquisitions always have employee fallout especially where there will be crossover in functions .. not a great time to be on the job market
But what about those holding form 3 years ago .Not so rosy!
Yes a very sad state of affairs. It's enough to keep you awake at Night !
With a sector buzzing with M&A ,you would have thought somebody would be prepared to chance their arm here
Where are all the shakers and movers who should be all over this like a rash ?.
So not only did the BODS manage CWD badly they have also made a complete Horlicks of the exit ,a suicide in instalments
You wouldn't want them to sell your house for you !
Events took a turn for the worse in November 2019 with the "sale" of LSH for £38m gross. Not only did they count their chickens before they hatched they renegotiated their banking arrangements on the strength of it just as things were picking up again on the coalface
So with an abortive sale they entered 2020 effectively in breach of banking covenants and a bagful of abortive costs and immediately on the back foot .Still convinced that the Dane would complete the purchase of LSH they entered into merger talks with LSL .
This all fell apart as still a no show from the Dane and left with yet more millions of abortive costs as LSL pulled out and still at the mercy of their banks now dancing to their tune .
Then the pandemic and I must admit I thought that it might all fall apart then.
However it became clear in May that the lockdown meaures had done CWD a cashflow favour.
First and foremost the expensive wage bill was furloughed and they were allowed to defer HMRC payments
Meanwhile all that momentum in Jan /Feb ,the sales weren't falling apart but delayed so as lockdown opened up in May / June they hit the ground running
Opportunity knocks ,stamp duty relief and definitely a time to join the game and fill your boots Paterson quick to spot but rebuffed by the BODS keen to steamroller the Alchemy deal thru.
However the market continued being robust in early Autumn which the BODS hadn't anticipated whilst the rest of the world had .The Alchemy deal no longer holding any attaction whatsoever
Long had to go and Connells arrive as the cavalry
I reckon if Alchemy had come on the scene a couple of months earlier with just a slightly better offer they might have stolen the show I reckon Long was convinced the deal would happen
At least shareholders can thank Connells for upping the ante. Many shareholders who arrived here in May enjoying a 5/6 bagger
Totally agree with everything you have said Whatprice.....
Connells are picking up a bargain here
Once they’ve amalgamated the head offices and Merged IT Services this sleeping giant CW will rise.
Local brands are some of the most well respected in the business,
this is good news for CW front line staff who will now be led by an exec board with experience
This is good news for Connells/Skipton who acquire the largest property business in the UK and now own 3 huge players (Sequence, Connells and CW)
This is bad news for investors who know that with a strong steady leadership team they could turn around their investment. If you invested 7 years ago and still hold the shares, you may feel like they’ve lost so much value you may aswell put it all on red with a new experienced and dynamic exec board and keep trading as CW is currently
Fair enough very few staff members would have £400k -just illustrating a point £100k reduced to £3,500 is enough to cause a few problems .
Starting to look like a done deal as many private investors might be happy to take the money and run.BODS no doubt be put out to grass with a fat cheque so I should imagine any update will be short on detail and left til the last moment
Professionals will have been enjoying a huge feesfest with all the corporate action during 2020 to sink the figures Should imagine a couple of fat uns for Long &Creffield too
You have to beg the question is why did Brandes invest here if they aren't willing to up the ante just as the green shoots have started
More importantly if they want to break it up Connells are there to pick up some of the brands
Here is their Mission Statement
Brandes, Your Value-Investing Specialist.
Amid constantly changing markets and shifting investor preferences, some principles endure. Brandes Investment Partners believes the value-investing philosophy of Benjamin Graham—centered on buying companies selling at discounts to estimates of their true worth—remains crucial to delivering long-term returns. This singular focus has allowed Brandes to help clients worldwide with their investment needs since the firm’s founding in 1974.
I imagine most long term shareholders will be keeping their fingers crossed for a last minute change of direction=but who?
This business run correctly is a sleeping giant but it seems CWD staff who remain defining silent about every thing (like scared mice) and equity from overseas seem to just want to stand by and let it happen. Unbelievable really. Do CWd as a major aggressive competitor as once was - want to be taken over by Connells who they must hate!Not one post on linkedin from CWD staff/or on the property sites suggesting they want to remain as CWD proper.
Surely LSH sold off and say a few other bits of more marginal brands and some basic cost cutting could recoup a lot of initial pain of acquisition. I know some decent sized firms who would be very interested in some of the smaller brands. Always another way to skin the cat.
Maybe Connells have rubbed up with say LSL to do just that-but Im surprised Alchemy didn't look at an easy way to up their bid .
Have CWD even looked at who could come in and add value-some really bright non /ex Connells Senior management out there.
As a former CWD employee I also doubt anyone other than the BODS held anywhere near 400k worth of shares but still a fair point made but hopefully most like me saw the share price start to move south rapidly and stopped their monthly salary sacrifice which was indeed capped at £150 a month. Fortunately I didn't lose too much by stopping my payments but I suspect others did and that must have left a bitter taste. Amazing how the people responsible for the almost total collapse of this once proud business making one bad decision after the next can ride off into the sunset as if it was everyone else's fault but theirs. I'm not bitter just angry.
Apart from the BODS doubt if many CWD held shares to the value of £400k, last share incentive scheme was £150 max over 5 years, but still a massive loss after the 50 share to 1 share placing some time ago.
Apparentally there will be a short trading update included in the Scheme Document being prepared for the Shareholders meeting.
For such an important decision shareholders should have a long detailed one
You have to feel sorry for the long term holders here.Some of whom will be CWD staff , some recently retired or facing retirement who will have no chance of recouping their losses if the Connells deal goes through
Those holding £400k of shares in June 2014 who have recently or facing retirement would have been looking to a reasonably comfortable retirement
Not only not having received any dividends recently those shares now worth less than £13k if the Connells offer succeeds
I note that its very difficult to complain or email board directly at present. So sorry if I have an axe to grind.
I was a holder previously to my daughter renting for Uni a Countrywide property in September last year.
Apparently its acceptable to provide people with accommodation which has leaks from the roof, and black mould growing on the walls. Its only been since Setptember/October since the complaint went in, and despite small attempts, it will only be Monday when someone is again quoting for the work, not carrying it out.
According to their subsiduary thats acceptable. Its ok if she is paying rent for a flat that it not liveable in.
The reference from countrywide talked about renting without the risk, doesnt seem to be true.
Disappointed to have invested in what appears to be a scum landlord.
Yes their first foray .They hadn't even built a shareholding up prior to their ist bid so I guess it was Alchemy's approach that stirred them into action
Connells squiring shares direct
So Schroders throwing the towel in brings them to 52% which brings them ever closer . Its a shame especially for all those long term holders who will be denied an opportunity to try and get their money back
Its not over yet !
Well Brandes anyway as Oaktree are (i) OCM Luxembourg Castle Holdings S.à r.l.; (ii) OCM Luxembourg EPF III Castle Holdings S.à r.l.
Mix in all the small funds with 0.5-2%.,some disgruntled private shareholders Plenty of share action since the revised bid so somebody might be looking for a bit of arbitrage
A good trading update before Feb .might harden resolve
Maybe just clutching at a few straws!
https://propertyindustryeye.com/alchemy-issues-statement-regarding-offer-for-countrywide/
So the plot thickens Alchemy confirming
Brandes 6.1%
Oaktree 18.2%
So the baton gets handed over to these to play kingmaker
Major
Well they still need 75%. Neither Brandes nor Oaktree have declared their support. I am not up todate on their total shareholding but mix in a few other small investors and its definitely not home and hosed
Brandes could easily risk another £10m hoovering up shares below 395p today to threaten this and test Connells resolve and I certainly dont think 395p is their best offer .They could easily pay 500p a share for a once in a lifetime opportunity
so why not have a bash. The downside is pretty copper bottomed Connells arent going away
In the next few weeks hopefully some news for H2 What it will show is the incredible pick up and return to operational profit in no uncertain terms
Most of the expensive goodwill has now been written off From decay to growth
The bottom line diminished by all those extra costs the BODS have incurred faffing around
Any fall off in Q2 will be just temporary
In addition
Connells have demonstrated to the financial lending community that CWD has a value The company has been ruined with an inept set of BODSs so anybody turning up here with a half decent track record would garner support
Sain-surely this is a done deal now with Connell Group. Alchemy are out. No one else I can think off in Agency would want the risk.
I have no doubt if it stays as CWD and a management team put out to external headhunters an assemble of a high performing team is out there.Issue is it has been with the internal recruitment team to sort the solution.
If the deal is done at end Q1 wont any buyer be buying a diminished pipeline-ref Stamp Duty timeline.