Countryside Properties eyes up £1bn return to the stock market
Housebuilder Countryside Properties is planning to return to the stock market with a £1bn float, over 10 years since it delisted.
The company was bought for £222m in 2005 by a joint venture between HBOS, now Lloyds Banking Group, and the founder Alan Cherry. It was subsequently bought by US private equity firm Oaktree Capital in 2013.
Countryside reported an 85 per cent jump in profit during the first half of this year, and expects its full-year results to be strong, which should be helpful in convincing investors.
The firm has recently appointed JP Morgan, HSBC, Numis and Barclays to advise on a flotation, according to reports.
However, the group has been considering an IPO for some time, and in 2014 hired STJ Advisors to advise on its plans.