Countryside Properties ‘considering plans to break off housebuilding operations’

Countryside Properties, the housebuilder under pressure from activist investor Browning West, today revealed it is considering plans to break itself up.

The FTSE 250 index group also said that chairman David Howell will quit the business next year, having been under pressure to go from the Los Angeles-based hedge fund.

Countryside operates two divisions, but Browning West believes that Partnerships is the company's "crown jewel" and should be separate from the housebuilding arm.

Annual results from Countryside published today revealed that the company has appointed Rothschild to advise on the separation of the housebuilding business.

The move follows a review of both divisions, with the company telling Browning West in a letter today that capital allocation opportunities to grow the business may be restricted.

Howell became chairman at the time the company joined the stock market in 2016, since when the Countryside has generated a shareholder return of 115%.