Letting & Estate Agent Podcast Countrywide’s £200m Lettings Gamble - Ep. 2423
Dec 20, 2025
John Hards, the former Director of Residential Lettings at Countrywide, shares insights from his extensive experience in scaling lettings operations. He discusses the transformation of lettings into a £200m enterprise, detailing the strategies behind acquisitions and operational integration. John reveals how private equity interest began in 2008 and the importance of acquiring well-run firms to drive profits. He emphasizes the need for a disciplined approach to valuations and the significance of caring for acquired teams, ensuring their growth and success.
AI Snips
Chapters
Transcript
Episode notes
From Local Estate Management To Centralised Lettings
- John Hards traced his lettings career from Crystal Palace estate management to centralising accounts at Nationwide in the late 1980s.
- That early consolidation set the foundation for building a professional, scalable lettings division within Countrywide.
Scale + Centralisation Multiplied Profit
- Countrywide grew lettings to 460 branches and about £140m turnover by scaling acquisitions and centralising services.
- Centralised back-office, accounting and training generated consistent profit uplift after each acquisition.
2008 Private Equity Backing Proved The Model
- Private equity and debt refinancers like Oak Tree showed strong interest around 2008 once lettings proved predictable income.
- The Ashton Birkinshaw acquisition notably doubled profits within six months, proving the consolidation model.