LSL Property Services has confirmed it will not be merging with Countrywide.
The property group had released a statement last month in response to press speculation over a possible merger with Countrywide, which had reported several losses in recent years.
LSL had indicated that talks were ongoing over a “possible all-share combination” – widely reported to be worth more than £500m and with the potential to create the largest estate agency group in the UK – although the update also revealed there was "no certainty” that any offer would ultimately be made for Countrywide.
LSL, the parent company of TMA Mortgage Club and PRIMIS Mortgage Network, has now moved to rule out any possible offer, with the group confirming in a new statement “it does not intend to make an offer for Countrywide”.
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The new episode of The Mortgage Insider podcast, out now
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In the latest episode of the Mortgage Insider podcast, Phil Spencer is joined by Eloise Hall, Head of National Accounts at Kensington Mortgages, and Alastair Douglas, CEO of TotallyMoney.
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