Online agent nu:move has officially launched its crowdfunding campaign.
The agent is looking for £150,000 in exchange for 6.97% equity in its business, which it values at £2m.
It says that it already has just over £152,000 invested, in exchange for 7% equity.
Based in Telford and launched in 2013, it says in its pitch that it has so far marketed over 10,000 properties and is profitable with year-on-year growth.
The business operates a franchise model, and also has a global offering – nu:move International.
In its Seedrs pitch, nu:move says it makes money through selling its packages, through referral fees for conveyancing and mortgages, and from franchisees.
Franchisees pay from £3,995 for an area of 25,000 properties, plus a licence renewal that costs £1,300 for five years, and £215 payable monthly.
Nu:move also says it is aiming to make money from new affiliate streams, such as broadband through Virgin Media.
It wants to use the money raised to expand its franchise network: “Our aim is to have a franchisee in all major cities, allowing us to bridge the gap that still exists between traditional estate agents and online estate agents.”
It will also invest in brand awareness, technology, and staffing at its headquarters.
While there is a director’s loan of £50,000, the Seedrs pitch says none of the funds raised will be used to repay this.
Investors who back nu:move to the tune of at least £500 will get rewards in the form of lettings packages.
It’s a no from me.
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I have done this for over 35 years and I don’t think I have sold over 10,000 houses
How have they managed that and where is the proof ????
Where is the evidence?
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There’s a big difference between marketed and sold/let.
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Good luck with that one .
Not another one!
These crowdfunding platforms have been worked to death. Just ask the bitter experience of Emoov crowdfunders and 99 Home who failed to reach target
Just ask some of the 50+franchisees at Ewemove who have disappeared how that can work out .Latest disapperance at Ewemove Watford North
A visit to Meet the Team at Nu Move on their website is worth a look An interesting assemblage of franchisees with varying degrees of property experience
TESTIMONIAL
“I wanted the freedom to be my own boss at last. To workthe hours that suited me and to be based at home’ I decided to buy a franchise in the summer of 2015. Unfortunately, soon after I suffered a serious illness. nu: move were very supportive during this time and helped keep my business ticking over. I have now recovered and busy growing my nu: move branch.
Although I have no previous estate agency experience. With the nu: move business model, I found it so easy to run my own estate agency branch. I have also managed to earn extra income from selling other add-on services, such as conveyancing and mortgage services etc.”
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Already marketed 10,000 properties?
Prove it.
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What worries me the most is that in their pitch they are offering up the number of properties they have marketed rather than actually sold, given that all their fees appear from their website to be paid on completion. Do they really understand what they are doing?
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Would love to see this get ripped to shreds on Dragons Den.
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nu:move limited accounts for 2018 shows intangible assets of just over £2m and tangible assets of £17,835. I’m out.
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An investment fund manager who recommends that their client invest in this company is probably in breach of FCA diversification guidelines because that investment is so unbelievably risk!
I can’t imagine a surer way to lose £150,000
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“An investment fund manager who recommends that their client invest in this company is probably in breach of FCA diversification guidelines because that investment is so unbelievably risk!”
That’s why this is a numptyfunding exercise.
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Knock Knock…..
Who’s there?
No one.
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Nu:chance
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Think you’ve missed the boat here Nu:move…
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Here we go again…
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An agent is decides to start his own business. No “good luck” or “hope it goes well”. Just a deluge of negative and derogatory comments. Nice.
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No an agent decides to try and raise money from people and in the process makes some questionable claims, which are rightly being questioned by their peers.
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Do a touch of research…just a little bit. You’ll find that it’s not that uncommon for new businesses to need to raise money to start up.
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“Do a touch of research…just a little bit.”
Practice what you preach…just a little bit.
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I am aware of that, what i object to is that business telling potential investors, who given the ‘numptyfunding’ (see above) nature of this are not professionally advised or necessarily experienced investors being told they ‘have marketed 10,000 homes’ which sounds great but they are paid for selling them so should be disclosing how many they have sold and claiming to be worth £2,000,000 with tangible assets of £17,835. It is misleading and dangerous.
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They are no start up .They have been lurking around for sometime
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“An agent is decides to start his own business.”
This is no “start-up” business as you suggest, SLF – these “agents” decided to start this business in 2013. That’s OVER SIX YEARS ago.
Suggest you inform yourself of the facts before pressing “Post Comment” – save yourself a world of pain.
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Quelle surprise!!
“…it says in its pitch that it has so far marketed over 10,000 properties and is profitable with year-on-year growth.”
So… the need to numptyfund a profitable business would be what, precisely?
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I think anyone thinking of crowdfunding a business model like Nu: Mauve or whatever they’re called should take a peak at PB share price. Yesterday it listed shares selling at 0.77p and today 0.85p
Now if only I’d bought them at three years ago at a fiver each !!!!!
FY Information I cant see PB lasting anymore than Nu: chance
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On their website in amongst lots of tabs is one entitled Savings with a sub heading “saved our customers so far £100M*” No clue as to what the asterix means and the link
https://www.nu-move.co.uk/calculator.asp
just goes through to a bog standard fee calculator, no evidence of £100M savings?? Surely this must be substantiated if quoted?
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