Return to private status
The flotation was closely followed by a recession and in 1975 Countryside passed its final dividend. Bobroff had resigned in 1974, and the subsequent expansion was under the sole direction of Alan Cherry. He emphasised the importance of design and marketing and took the company into a series of very large sites, e.g. Chelmer Village and Chatham Maritime.[8] In 2005, Alan Cherry sought to take the company private. A prominent investor, Paul Kemsley and Joe Lewis's Rock Properties, increased its stake to 28.5%, forcing Cherry to pay more for the company.[10] Countryside was bought out by Copthorn Holdings Ltd, which was then jointly owned by the Cherry family and the Bank of Scotland, part of Lloyds Banking Group.[11]
The company achieved record profits in the following two years, amounting to £27 million on a turnover of £430 million in the year ended September 2007.[12]
However, the Great Recession affected housebuilders acutely, and the company recorded a loss of £22 million on sales of £312 million in the year to September 2008. Under a refinancing deal in October 2009, Lloyds took control of the company.
In 2013, Oaktree Capital Management purchased a majority share in the company, making a further capital injection. The Cherry family retain a minority stake, and Lloyds provided five-year loan facilities.[13] As of October 2014, former Keepmoat chief executive Ian Sutcliffe became the new executive chairman.[14] In 2014 Oaktree acquired luxury home developer Millgate and merged it with Countryside, planning to double the company's size.[15] Following this, the company rebranded as Countryside rather than Countryside Properties, adopting the slogan ‘Places People Love’.[16]
In 2015, Countryside announced further changes to its board of directors. David Howell, previously a non-executive director, became chairman, whilst Ian Sutcliffe assumed the role of group chief executive officer. Graham Cherry became CEO new homes and communities, whilst Richard Cherry became CEO partnerships.[17]
