Emoov, online estate agent goes into administration

Blog Insolvency

Earlier last year, Emoov merged with rival online agent Tepilo, as well as, letting agency Urban.co.uk in a deal which claimed created a business worth £100 million.

As a whole, the estate agent sector has been underperforming due to the slow sales, specifically; Emoov has been loss-making since it was founded in 2009.

At present, the company has around 5,000 properties listed for sale or sold subject to contract.

The majority of vendors will have paid upfront fees in order to sell through the agent and could now fear losing hundreds of pounds after the company entered administration.

Sellers listed have now been left in an uncertain situation over what will have to their sales and any money they have already paid.

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 tried and better themselves and those around them in the first place”.

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

Furthermore, in July this year, more than £1 million was raised in crowdfunding, by more than 600 investors who are likely to have lost out due to the company going into administration.