LSH to be snapped up by residential agency Countrywide

ESTATE Agent Countrywide has agreed a £34m deal to buy commercial property consultancy Lambert Smith Hampton (LSH).

LSH has its headquarters in London but has a large regional presence through an office in central Birmingham which is headed up by Ian Kibble.

In a stock market statement Countrywide said it would acquire all the shares “free of non-trade borrowings and related security”.

This means the deal is subject to LSH first being sold to an affiliate of its lender and 20% shareholder Sankaty European Investments through a pre-pack administration which is expected to happen today.

Countrywide, which has a focus on residential property, said LSH is a profitable business that is being hampered by the debt taken on to a support a management buyout from WS Atkins in 2007.

In 2012 the agency reported an operating profit of £5m on revenue of £64.1m. It has gross assets of around £17.7m.

Countrywide’s chief executive Grenville Turner said: “The acquisition of LSH is an important part of Countrywide’s continued growth strategy. It will enhance our footprint across the UK and will help to drive more opportunities to our teams operating our core land and new homes and residential development and investment businesses.”

LSH chief executive Ezra Nahome said: “This heralds a new, exciting chapter for LSH and being part of the Countrywide group will provide us both with significant opportunities.”