Countryside hoists For Sale sign

Countryside has put itself up for sale weeks after rejecting a takeover bid.

the housebuilder told shareholders yesterday it had hired advisers from rothschild & Co to oversee the potential sale process.

Last month, Countryside rebuffed a £1.5bn move by san Francisco-based investment fund inclusive Capital Partners (in-Cap), one of the company’s largest shareholders, which it claimed ‘materially undervalued’ the firm.

since the rejection, the Brentwood-based company has come under pressure from its investors to push for a sale.

‘A meaningful number of shareholders believe that the company would be in a better position to capitalise on the opportunities ahead as a privately-owned company or as part of a larger business and have asked the board to actively seek offers for the company,’ it said.

sam Cullen, equity analyst at Peel Hunt, expected private equity groups to be interested in buying Countryside.