Embattled Emoov says it has ‘several interested parties’ in buying the business

Emoov founder Russell Quirk last night said that there could be a buyer for his embattled business.

Separately, a  local property agent with Emoov has ‘blown the whistle’ to EYE on what it has been like to work for the organisation in recent weeks.

Quirk told investors last night on Crowdcube: “Whilst I am unable to go into detail at this early stage, I write to advise that we had a recent approach from a potential acquirer of the Emoov business.

“Consequently, I have engaged Arden Partners, the City broking house and M&A specialist, to court additional interest from other third parties in order to ensure the most competitive process. There are now several interested entities.

“Any final decision on a sale or merger will of course be taken by the Emoov board and then via the requisite shareholder consents as per the terms of our Articles of Association. Suffice to say that any outcome will of course be that which is in the best interests of all of us as shareholders.

“Unfortunately I am unable to enter into any other individual dialogue at this time but will provide further updates as and when able.”

Entirely separately, a local property agent with Emoov told EYE that they have been repeatedly told: “Everything’s fine, we’ve got loads of money.”

The agent said that the number of employees has been around 140, with 45 working in the field, but thought ten have left in recent days.

They told us: “As for concern about wages, we’ve never really been paid properly. We get the minimum wage and only get commission if we sign up over seven vendors in a given month.

“This is one of many goalposts that have been moved this year.

“I have a 60% conversion rate and still only get the minimum wage.

“Russell’s article the other week about Amazon not paying their staff enough was particularly insulting.”

The agent said: “For the last month the atmosphere has been awful.

“No one in management has enough backbone to admit that anything is wrong.”

The agent claimed: “All the staff I talk to have been feeling the same as me for the last month or so.

“In terms of getting listings, we’re very good at it.

“The local agents Emoov recruited are all incredibly passionate and dedicated to our vendors, 100% wanting to give them the absolute best service possible.

“However, once a property is listed things go rapidly downhill.

“The amount of complaints and issues we have to deal with on a daily basis is absolutely ludicrous.”

We have put all the claims to Emoov but Quirk declined to comment.

In October, according to Zoopla, Emoov had 385 listings, 341 which ended the month as for sale, and 44 under offer.

Tepilo had 81 listings on Zoopla, with 72 currently for sale and nine under offer.
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16 Comments

  1. Hillofwad71

    “Any final decision on a sale or merger will of course be taken by the Emoov board and then via the requisite shareholder consents as per the terms of our Articles of Association. Suffice to say that any outcome will of course be that which is in the best interests of all of us as shareholders.”

    Quirk let the fox in the hen house on the merger with Tepilo with this charge on the company

    https://beta.companieshouse.gov.uk/company/07118826/charges/-b2FEtEI446QN0-AfIU2tiGeRp0

    So  it seems the outcome here is more likely to what will be in the best interests of Northern &Shell  which may or  may not be fully aligned with shareholders as a whole.Certainly  calling all the shots and pulling all the strings.They wont take too kindly  with the words being bandied about being “shafted by major shareholders”

    Richard Desmond once said “As good a friend as I am,” he once told a close associate, “I’m the worst enemy you’ll ever have.”

    That might prove to be true

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  2. ArthurHouse02

    Having many interested parties?? Is that the estate agent in him coming out, like a neg who receives an offer trying to convince the potential buyer to increase as there are other offers on the table.

    My advice to anyone interested, let it go, its a money pit and wont make you any profit at all.

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  3. Trevor Gillham

    Why bother joining a franchise, start your own agency, work hard and build a great reputation that can’t be taken from you.

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  4. AgentV

    How many listings are up for sale? If it’s 3,500, for instance, at say £500 each….would that be a total value of under £2,000,000?

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    1. ArthurHouse02

      No AV your calculator is broken, that adds up to £100million

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      1. AgentV

        £100,000,000 to investors you mean?

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    2. watchdog13

      They are not an asset as they have paid upfront and the money is spent, they are a massive liability.

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      1. Trevor Gillham

        That’s true, many sellers are not actually wanting to move quickly, some want to list at a higher price and if they get a sale then whoopedoo, but in the meantime you keep paying for their listing on the portals.

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  5. Rollo

    Purple brick or rightmove ?

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  6. Room101

    Oh no he doesn’t! 
    ……..The audience shouted mockingly at Mr Punch as a large crocodile lunged forward and bit him right in the sausages.  

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  7. Woodentop

    Has he … lets wait and see!

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  8. Hillofwad71

    I think Desmond  has been looking  for an appropriate vehicle to take Bricks on . Tepilo probably didn’t meet expectations Whether that is the case  with  Emoov  and reorganising   the structure I don’t know.Quirk will certainly  have a fight on  his hands going  head to head .if he decides to do so The odds  aren’t in his favour Desmond could solve Emov’s  funding problems in a nanosecond

    He can’t have been impressed with the lack of traction  in recent months at Emoov.Enough is enough.Time to ring some changes

    Desmond has shown in the past  his contempt for Axel Springer and maybe  this  might be firing his cannons to take  Bricks on  He certainly has got what it takes to mount a challenge  .Exciting times ahead

     

    https://www.theguardian.com/media/2004/apr/22/dailyexpress.politicsandthemedia1

     

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    1. Room101

      ….double checks that link opened the correct URL for “The Guardian” as it read more like “The Poke”

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  9. Robert May

    What I find strange….  not making it up and interpreting what we’ve been told in the past week on Eye and in Graham’s video means what is the logical conclusion  “We need  £10m to carry on, give it me or else our  future is uncertain”   apparently isn’t that.

    When I posted sound business logic based on that position I got censored, presumably because either that isn’t the position or because the reality of the situation is such that when looking for a buyer they don’t want those things said. (they don’t get the luxury of stiffling  discussion once they’ve started the topic)

    Whatever is going on with the business it is obvious Mr Quirk isn’t getting things all his own way and this public washing of dirty  clothes is a fairly petulant way of courting sympathy and support.

     

    If the business model is to collect  not enough  to cover the bills and rely on  continual rounds of investment and crowdfunding to pay fixed costs eventually  investors will get wise to what’s going on. (unless all investors really are as gullible and greedy as Mr Bruce suggested)

     

    If my assessment isn’t correct,  this is a discussion forum for…….discussion, how about rather than censoring grown up B2B comment either keep the dirty laundry in  the basket or let’s hear both side of the situation rather than just the  “I’ll sqweam and sqweam and sqweam”  stuff.

     

    There is either enough money to trade out of the situation or there isn’t, which is it?

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  10. El Burro

    Looking at Companies House records tells the story. Since 2010 it has had 18 directors, 13 of which have resigned .

    Under the ‘Persons with significant control’ tab (those with 25% or more of the shares) Richard Desmond and Northern & Shell Ventures Ltd are listed. Not a Quirk in sight.

     

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  11. PropertyInvestor68

    Sources are telling me that Emoov can’t pay their staff from the 1st of December. Closure is looming with no interested investors. Only a miracle can save them now.

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