The UK’s largest estate agency group has reported a delay of more than a month in the sale of its commercial arm to a Monaco-based purchaser.

The £38 million deal has been described by Countrywide’s senior management as being essential to give the company as a whole “a more advantageous position.”

However, John Bengt Moeller, the Monaco real estate entrepreneur has told Countrywide that he had been “indisposed” and unable to access funds, according to the troubled real estate company.

“We have been reassured by Mr Moeller that completion is imminent. The company continues to work with Mr Moeller to resolve this situation urgently and is taking all necessary steps to achieve completion as soon as possible” Countrywide added. 

Countrywide said last November that the sale would “significantly improve Countrywide’s capital structure” and allow it to reduce its debt, and also mean that it could concentrate on its core residential business.

John Bengt Moeller, 60, is reported to be buying LSH as a private individual. He is founder of Great Global Holdings, a holding company for a number of UK and international companies dealing in commercial property.