Online estate agent that was home to 140 staff shuts down
ALL 140 staff at Emoov were expected to be given their marching orders last night after the online estate agent collapsed into administration.
The start-up, which had engineered a £100m threeway merger with rivals Tepilo and Urban.co.uk just six months ago and had been eyeing an IPO next year, went under on Monday evening after running into cash flow issues and struggling to find a buyer. Russell Quirk, its founder and chief executive, told Property
Week: “All staff, including me, are expecting to be laid off today.”
The loss-maker, which charged home sellers a fixed upfront fee rather than the commission levied by traditional estate agents, had put itself up for sale last month.
Administrators at James Cowper Kreston said they would attempt to sell off Emoov’s property listings that had received interest from potential buyers but that they “expect to close down trading activities”.
Backers including media tycoon Richard Desmond and former Dragons’ Den investor James Caan will be nursing losses.
Online agents have grown rapidly by undercutting high street rivals but have received mixed reviews from home sellers.
Mr Quirk and James Cowper Kreston could not be reached for comment on the job losses.