The US based hedge fund has made two offers for Countryside in the last few weeks which have been firmly rebuffed by the listed house builder.

But this morning Countryside confirmed to the Stock Market that it will now be starting a formal sale process following pressure from other shareholders.

It said: “The Board has received feedback from a number of significant shareholders regarding the future of the company.

“A meaningful number of shareholders believe that the company would be in a better position to capitalise on the opportunities ahead as a privately-owned company or as part of a larger business and have asked the board to actively seek offers for the company.

“In light of this feedback, the board has decided to conduct an orderly process to establish whether there is a bidder prepared to offer a value that the board considers compelling relative to the long-term standalone prospects of Countryside as a listed company.

“In the event no such compelling proposal is forthcoming, given the board’s view of the significant potential for the business as a standalone entity, then the board is committed to Countryside remaining as an independent listed company.”

In-Cap has confirmed it will be taking part in the sale process and no other potential suitors are involved at this stage.