Connells cleared to buy Countrywide by FCA, but will competition watchdog jump in?

first_imgConnells has revealed that the Financial Conduct Authority (FCA) has given its blessing to the company’s acquisition of Countrywide, leaving just one last hurdle for the deal to clear – a potential investigation by the Competition and Markets Authority (CMA).Although Connells and Countrywide are both established companies, Countrywide is a regulated ‘appointed representative’ of financial products, and therefore the FCA is required by law to assess whether Connells is suitable to be a controller of an ‘authorised firm’.“Connells has confirmed that the condition relating to such approval has now been satisfied,” a joint statement from both companies says.Based on this FCA approval, all that now remains legally is for a court hearing to take place to formally approve the acquisition, which will take place on 4th March and take effect on 8th March.CompetitionBut one potential threat to the deal would be if the CMA decided to launch an investigation on the basis that it was anti-competitive and put the two combined companies in a too dominant a market position.And based on Rightmove listings data, the combined company will have a market share of property sales totalling just shy of 10%, making it far and above the largest estate agency in the UK, followed by Purplebricks and Hunters.An investigation would be within the CMA’s remit. Its own rules stipulate that it can look at mergers including acquisitions and joint ventures where two or more firms ‘cease to be distinct’.Also, the turnover of the acquired firm (i.e. Countrywide) must exceed £70 million, or ‘the two companies supply at least 25% of the services supplied to the market and the merger increases that share of supply’.The Negotiator approached the CMA but said it could not comment.Purplebricks Hunters connells Countrywide February 26, 2021Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021 Home » News » Agencies & People » Connells cleared to buy Countrywide by FCA, but will competition watchdog jump in? previous nextAgencies & PeopleConnells cleared to buy Countrywide by FCA, but will competition watchdog jump in?FCA has cleared Connells to be the controller of FCA-regulated Countrywide, a deal which is expected to now formally take place on 8th March.Nigel Lewis26th February 20210679 Viewslast_img read more

Talents Delight Officials as 2018 Loya Milk Swim Meet Ends in…

first_imgHe added that they would do much better if given more attention and training.Ten schools competed for a total of 18 medals in 25 metres freestyle for boys and girls, 50 metres freestyle for boys and girls, 100 metres relay for boys and girls.The participating schools include American International School, British International School, Children’s International School and Chrisland Schools.Others were Edgewood College, Emerald High School, Grange School, Greenspring School, Straightgate College and Meadow Hall School.British International won two gold, one silver and two bronze medals; while Children’s International won two gold and two silver medals.Edgewood, Greenspring, Grange, Chrisland, American International and Meadow Hall also featured on the medal chart.Reviewing the three-year old competition, Marketing Manager Promasidor, Biodun Ayodeji said the company would evaluate the initiative with a view to identifying areas of improvement. He assured that the company was committed to sustaining the competition.Ayodeji stated: “We are very consistent in our strategies. So, we are committed to the success of the initiative. We started this, two years ago with a single location. We extended to two locations last year, and this year we are doing four.“We may maintain the number of locations next year while reviewing the prizes upwardly. We may also do two instead of one competition in some locations to give more schools the opportunity to participate. We will consider other options such as partnering relevant clubs,” he further said.Ayodeji explained that Loya Milk is fortified with 50 percent extra calcium to help consumers achieve optimum physical wellbeing and build stronger bones, tougher teeth and healthy heart.He added: “The interest of Loya Milk in swimming resonates with its unique brand identity. Loya Milk’s unique HiCal fortification makes it the choice milk for individuals who desire to live healthy.The Secretary General of the Nigeria Aquatics Federation, Sani Mohammed had disclosed during the Abuja competition that the organisation would partner Loya Milk to identify and nurture young swimmers.Mohammed, who lauded the brand for the initiative and called on other corporate entities to emulate the gesture, said he had selected some young athletes from the Abuja edition he would present to the Federal Ministry of Sports and Youth Development for grooming and inclusion in the national team for future competitions.Loya Milk Swim Meet was first organised for 10 schools in Lagos in 2016. Season 2 held in both Lagos and Port Harcourt, the Rivers State capital, while the just-concluded season 3 was hosted in Ibadan, Port Harcourt, Abuja and Lagos.In addition to the secondary school swimming competition, Promasidor motivates Nigerian youths through Cowbellpedia Mathematics TV Show and Promasidor Harness Your Dream, a career guidance workshop for public secondary schools.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram The Lagos edition of the Loya Milk Secondary School Swimming Competition season three held last weekend and it recorded a perfect completion rate, an accomplishment which officials described as a pointer to the enormous potential of Nigeria in the sport.All the participants in the six-event competition, hosted by Children’s International School, Lekki, completed the events without the assistance of lifeguards.David Oyekan, a swimmer and coach at Meadow Hall School, said the professionalism and speed exhibited by the contestants was rare among amateurs of their age.last_img read more