Countrywide may face buyout move

Bairstow Eves is one of Countrywide's estate agency brands

Shares in property services group Countrywide have jumped 13% on the news that it may face a management buyout.

The move came after investment firm 3i said it was planning a bid together with Countrywide managing director Harry Hill and other board members.

However, 3i added that there was "no certainty" that a bid would be made.

Countrywide's businesses include an estate agency group, financial services and surveying. The firm also owns a 21% stake in property website Rightmove.

The Financial Times reported that the buyout approach could value Countrywide at up to £900m, with analysts expecting a bid of between 500p-530 pence a share.

In lunchtime trade, Countrywide's shares were trading up 59 pence, or 12.8%, at 520p.