Money pours into to newly floated business

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Hundreds of millions of pounds have been flooding into a Milton Keynes business that has burst into the list of the 250 most valuable in the country.

Property services expert Countrywide plc, which succeeded in a £200million stock market floatation in March now has a club of six banks queueing up to give it another £100million.

Barclays, HSBC, Lloyds, RBS and Santander UK acted as mandated lead arranger with Allied Irish Banks acting as arranger for the company based in Caldecotte Lake Drive, Caldecotte. The £100million is split between a £75million four-year term loan and a £25million credit arrangement. Countrywide will be using the money to repay outstanding debt and provide working capital to grow.

Jim Clarke, group chief financial Officer at Countrywide, said: ”The club facility will help us create a more efficient capital structure at Countrywide and enable us to implement our growth strategy.”

On March 20 Countrywide made a strong return to life as a listed company with its shares priced at the top end of its Initial Public Offering and shot straight into the FTSE 250 Index. The company’s total value is about £750million.

Countrywide Group operates 46 high street property brands including Hamptons International, Bridgfords, Taylors and Gascoigne Pees in more than 930 associated branches across England, Scotland and Wales.