New bid approach for Countrywide

John D Wood is one of Countrywide's estate agency brands

Estate agency Countrywide has received a fresh bid approach weeks after a proposed management buyout collapsed, sending its shares up by more than 4%.

The firm said it had been approached about a potential offer but declined to reveal the identity of the suitor.

Newspaper reports have said that US finance firm Apollo Management is eyeing the Essex-based business.

A £940m management buyout backed by finance firm 3i failed to get enough shareholder support last month.

Uncertainty

Countrywide said it had received a "preliminary" approach but warned it "may or may not lead" to a firm offer being made for the company.

As well as residential property sales and lettings, Countrywide offers legal and financial services.

Apollo Management has not commented on reports linking it with Countrywide. Established in 1990, the firm recently backed a $17bn takeover of US leisure and gambling firm Harrah's Entertainment.

In afternoon trading, Countrywide shares were up 4.5% at 559.5 pence.