Quality Lets, Stoke-On-Trent – Is this the start of things to come? Online agents are now struggling to stay afloat is the tide changing back to the high street?
Within a matter of months after its merger with Tepilo and Urban.co.uk, online estate and lettings agent Emoov has gone into administration. This has occurred after the business failed to find a buyer.
Russell Quirk, chief executive of Emoov, sent out an email to staff yesterday, stating: “They say that entrepreneurs should never give up, but at the same time one needs to know when efforts have been truly exhausted and when you simply have to call it a day.”
“Regretfully and despite my significant endeavours over this weekend to achieve such, the prospective purchasers that have been in the wings have not come through with viable offers to acquire the Emoov business.”
The online estate agent provided sellers with fixed fees, charging £895 to market a property, or £995 for those in London and the inner M25 area.
Quirk’s email continued: “At 1pm today (Monday 3rdDecember) I held a call with Emoov board members where it was agreed to appoint James Cowper Kreston as administrators.
“Once this intention is filed with the court later today they will take charge of the affairs of the company and its staff, customers and creditors and will work to secure an ultimate buyer.”
The Emoov website is still up and running at the time of posting this article. We are interested to see if another buyer does step forward. If not, those owed money by the business will have to wait for the administrator to hopefully arrange repayments.
The administrator has commented on the recent unsuccessful attempts to find a buyer for Emoov: “As a number of prospective buyers have indicated an interest in purchasing the client property listings, therefore, the administrators will be exploring the transfer of these to other providers as a priority.”
The administrator has stated that Urban.co.uk, also known as Urban Sales and Lettings Limited, has been unaffected by this development.