The former boss of the Countrywide
Plc property group says that its current board are ‘inept’ and that the
business has declined beyond the point at which it can be turned round.
Tweeting in response to a Sunday
Times article and referring to the current Chairman Peter Long, former CEO
Harry Hill said: “The fact that P Long (Sun Times today) is still in place at
Cwd plc simply proves how inept his board (and major investors) are. Sadly the
business is beyond salvation.”
Hill, who also founded
Rightmove, ran Countrywide for 20 years before selling the business for around
£1bn. He now describes himself as a ‘property guy’ and has a portfolio of
directorships at various quoted and private companies across several industries
including agency Hunters Property Plc.
Hill is hugely respected in the property business and if he now believes Countrywide is beyond all hope it is difficult to see much of a future for the business. Shares in Countrywide have fallen from 230p just five years ago to around 5p today and its half year results, due on Wednesday, are not expected to make positive reading.