EVESHAM based firm Countrywide, which has its headquarters and a store in the town, has revealed it has entered into ‘exclusive’ talks with a potential buyer of the retail business.
As the Observer first reported back in April, company bosses announced they intended to sell the business after the firm made a loss after tax of £9.9million last year.
Company bosses then appointed advisors PwC to look into a potential sale of the retail arm of Countrywide. Uncertainty has since surrounded the future of 53 stores across the UK, including their store on the Four Pools Retail Park.
This latest development still does not make it clear whether or not the stores will be kept open if a deal is agreed, or what will happen to the jobs at Countrywide’s Vale Park headquarters.
The firm is one of the UK’s leading suppliers of farming, equestrian, pet, country clothing and gardening products.
In a statement released on Monday, Countrywide revealed it has made ‘encouraging progress’ in the potential sale of the retail business and has entered into talks with Mole Valley Farmers Ltd.
“This process and negotiation of detailed terms is expected to take a number of weeks to conclude, with the Company targeting completion by the end of the year,” the statement said.
“This represents an excellent opportunity to secure the future of the retail business with an established sector leading company for our customers and employees.
“Countrywide also confirms today that it has completed the sale of its 80% shareholding in MSF Welland Valley Feeds Ltd to the existing Management team for a consideration of £1million.
“Countrywide also further confirms that it is in the process of winding down and transferring its Turf and Amenity business to an alternative provider, enabling the Turf and Amenity team to continue to serve customers under new ownership.”
