LSH sale delayed after buyer fails to complete deal
The £38 million sale of commercial real estate consultancy Lambert Smith Hampton (LSH) to Monaco-based property entrepreneur John Bengt Moeller is in jeopardy, it has emerged.
Moeller agreed to purchase LSH from Countrywide in November last year, with both parties agreeing to complete the transaction no later than 20 January 2020.
However, in a statement released today (11 March) Countrywide said that despite its “protracted” efforts to seal the deal – which included extending the deadline to this month – Moeller has failed to complete on time.
Countrywide – the UK’s largest property group – now says it has entered into discussions with another potential buyer who actively expressed an interest in LSH during the delayed completion period.
The statement continues: “The company continues to engage with Mr Moeller and wishes to effect completion as soon as possible. However, given the significant delay caused by him, the company has notified Mr Moeller that it will now also explore alternative options for the sale of LSH, and is considering its legal options to pursue Mr Moeller for damages and costs from continuing delay in completion. The company will update shareholders as appropriate in due course.”
LSH has over 40 offices across the UK and four in the Midlands in Bimingham, Lincoln, Northampton and Nottingham.