You are here: Home - News -

Online estate agent Emoov in administration

by:
  • 04/12/2018
  • 0
Online estate agent Emoov in administration
Emoov has entered administration after the digital estate agent failed to find a buyer for the company.

 

Founder Russell Quirk said on Twitter he was “sad and disappointed and feeling bad for the team” as the news broke.

But added that it was better that he had “tried and failed than not to have had the balls to try and better themselves and those around them in the first place”.

Sellers listed with Emoov have been left uncertain over what will happen to their sales and any money paid upfront in listing fees.

Customers have taken to twitter to say they are unable to contact the agency.

There are some 100 people listed as working for Emoov on LinkedIn, who also face uncertainty over their future.

More than 600 investors are also likely to have lost out after taking place in a crowdfunding round by the company in July where more than £1m was raised.

Accountants James Cowper are administrators, according to reports – the firm has not responded to a request for comment.

Emoov merged with Sarah Beeny’s online agent Tepilo and online lettings firm Urban only earlier this year.

However, slowing sales transactions have put the pressure on the estate agency 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, the business had not been economically viable, Connells said.

There are 0 Comment(s)

You may also be interested in

Read previous post:
Steve Robinson, head of lending Marsden BS
Ask the Expert: What’s the difference between a RIO and an older borrower mortgage?

Marsden Building Society’s head of lending Steve Robinson gets into the detail on what the launch of Retirement Interest Only...

Close