A pre-pack administration of the firm, which would give a buyer some of the company’s assets while writing-off liabilities, could be announced this week, Sky News reported.
Earlier this month, founder Russell Quirk admitted it was a “testing time” for the company, following reports it was seeking a buyer.
On Twitter he wrote: “A testing time currently but am overwhelmed by messages of support and positivity from friends and, in particular, industry colleagues and even direct competitors.
“Some lovely words. Actually restores my faith in humanity.”
A testing time currently but am overwhelmed by messages of support and positivity from friends and, in particular, industry colleagues and even Direct competitors. Some lovely words. Actually restores my faith in humanity
— Russell Quirk (@EmoovCEO) November 2, 2018
Quirk declined to comment on the reports of administration.
If Emoov were to go ahead with an insolvency process, many investors could be left with big losses.
The agency merged with online agent Tepilo and online lettings firm Urban only earlier this year.
Slowing sales transactions are putting the pressure on the estate agent sector, with a number of online firms suffering.
In September, estate agent Connells axed its online agent Hatched and declared the internet-only or hybrid model was “fundamentally flawed”.
After investing in the online agent, it had not been economically viable, Connells added.
