Countrywide to drop out of the FTSE 250

The UK's biggest property services group slips down the market cap rankings as restructuring continues

Countrywide Plc will no longer be a FTSE 250 company from 19th December, confirm the people behind the corporate rankings, FTSE Russell.

Countrywide is one of four companies to drop out of the top 250 this quarter, including furniture perma-sale retailer DFS. Outgoing firms will be replaced by oil, gas and iron sorts, plus NewRiver Real Estate Investment Trust (which owns lots of UK pubs and shopping centres).

Further up the table, building supplies giant Travis Perkins is to fall out of the top 100 firms by market capitalisation on 19th December.

Huge housebuilder Berkeley Group was flushed out of the FTSE 100 in the last quarterly count, back in August, joining the mid-cap top 250.

Here’s what’s been happening to Countrywide’s share prices over the last 12 months:

countrywide-share-price-1-year

The firm recently issued a pretty bleak trading update, in which it highlighted “significantly lower” transaction levels, and forecast that tough times are likely to continue into 2017. The company is in the midst of a wide-reaching restructure of the business, which involves rolling out “hybrid” online/traditional services to more branches and consolidating regions (including in prime London).