BOSSES of Worcestershire-based Countrywide, which has a store in Malvern, have announced they have agreed terms to sell the retail arm of the business.
As the Observer reported earlier this month the company, which has its headquarters and a store in the town, entered into ‘exclusive’ talks with Mole Valley Farmers over a potential sale.
On Monday Countrywide bosses confirmed they had agreed terms with Mole Valley.
The sale is subject to review by the Competition and Markets Authority, with completion expected to take place before the end of January 2018.
Under the terms of the sale, Mole Valley will acquire Countrywide’s retail business which will include 48 of the 53 currently trading stores, support teams and IT operating systems.
This deal secures the future of Malvern’s Countrywide store. The firm’s 750 employees will also transfer over to Mole Valley.
Countrywide will retain all freehold properties, with Mole Valley entering into lease agreements as a tenant.
Commenting on the deal, Countrywide Farmers chief executive John Hardman said: “We are delighted to have reached an agreement with Mole Valley Farmers.
“This represents an excellent opportunity to secure the future of our Retail business with an established sector leading company.
“I would like to thank all of our staff who work within the Retail business and have remained committed through a significant period of change and uncertainty.
“We are very grateful for their contribution and wish them all the very best for the future.”
Andrew Jackson, chief Executive of Mole Valley Farmers, added: “We very much look forward to welcoming and integrating the Countrywide Retail team into the company.
“My perception is that the staff have remained loyal and focused on maintaining business performance despite uncertainty about their futures, which is a commendable measure of their stamina and commitment to the business and customers alike.”
