Countryside Properties is heading for a management buyout, with the Cherry family hedging a £218 million bid led by company chairman, Alan Cherry. <p></p><p>The Cherrys have created Copthorn, a subsidiary of their firm Copthorn Holdings, as a vehicle to take the company private, and are being advised by Pricewaterhouse Coopers and Merrill Lynch. Alan Cherry, along with sons Graham and Richard, who are the firm's chief exec and business director respectively, own 17.2% of Countryside's shares. </p><p>"The offer gives shareholders the opportunity to realise the value of their investment in cash at an attractive price," said Alan Cherry. "It is also good for the company and its employees: as a private company, with the financial backing of the HBOS Group, Countryside will be better positioned to achieve its aim of long term value creation." </p><p>Meanwhile, in Scotland, another ownership shift has taken place. Luxury housebuilder Manor Kingdom has been acquired for an undisclosed sum by two UK developers, Remo Dipre and David Gaffney. The new company, renamed Manor Kingdom Group, will now have additional cash to further its expansion into the UK market. The new owners plan to open a new office in Epsom, Surrey within a year. </p><p>McCarthy &amp;&amp; …