South: LSH sale delayed after buyer fails to complete deal

Countrywide has confirmed that Lambert Smith Hampton suitor John Bengt Moeller has failed to complete the £38 million purchase of one of the UK’s best known real-estate advisers.

In a statement it said: “On 29 November 2019, the company announced that it had agreed the sale of LSH to John Bengt Moeller with completion due, subject to shareholders’ approval, by 20 January 2020. Following protracted efforts to effect completion and after agreeing a revised timetable to complete on more than one occasion, Mr Moeller has failed to complete the transaction in accordance with the final timetable set for completion by 12.00 on 11 March 2020.

“The company continues to engage with Mr Moeller and wishes to effect completion as soon as possible. However, given the significant delay caused by him, the company has notified Mr Moeller that it will now also explore alternative options for the sale of LSH, and is considering its legal options to pursue Mr Moeller for damages and costs from continuing delay in completion. The company will update shareholders as appropriate in due course.”

Meanwhile, the company has entered into discussions with another interested purchaser that actively expressed an interest in LSH during the delayed completion period, the group said.

Source: CoStar