Property website Rightmove announced 60 job cuts last month – about a fifth of its workforce – and estate agents Connells has now sold its majority stake. On Friday it sold 21.2million shares in the company at 155 pence each, a 16 per cent discount on the closing price on Thursday. It equates to £32.9 million.
Connells trades under several names including Allen&Harris, Fox&Sons, Barnard Marcus and William H. Brown. It is Britain’s second biggest estate agent with 470 branches. Connells helped found Rightmove eight years ago with Royal&SunAlliance, HBOS and Countrywide, all of whom subsequently disposed of their holdings.
Shares in Rightmove have fallen by 66 per cent from a high of 540p last February. The chairman of Rightmove Stephen Shipperley was reported as saying sales in the spring were down 40 per cent on the previous year.
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