(Alliance News) - Countrywide PLC on Friday said that the completion of the sale of its commercial real estate consultancy firm Lambert Smith Hampton has been delayed.
In November, the UK estate agent sold Lambert Smith Hampton to Great Global Holdings Ltd for GBP38 million in cash.
Milton Keynes-based Countrywide said that the delay comes as a result of Great Global Holdings founder John Bengt Moeller "being indisposed during January", as well as "logistical difficulties relating to the transfer of the requisite completion monies".
The company added that it has been assured by Moeller that the sale will be completed soon.
The transaction was initially expected to complete at the end of December.
The stock was trading 4.4% higher at 348.00 pence each on Friday morning in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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