Sky News is reporting that online agents Emoov and Tepilo are in talks about a merger that would result in a publicly quoted firm, set to challenge Purplebricks.
Sky New said that the two companies are at an advanced stage of negotiations, with an agreement likely within days.
The deal would involve the acquisition of an un-named third-party estate agent as well as a deal with Channel 4’s Commercial Growth Fund, which gives free air time for adverts in exchange for an equity stake.
Sky News says sources believe the combined business would be worth over £100m. It would seek a stock market listing this autumn, with Cenkos Securities lined up to take the company public.
Emoov is headed by Russell Quirk, while Tepilo was set up by C4 TV presenter Sarah Beeny.
Comments (22)
This DIY online Agency is a scam. It must be stopped.
Investors are being misled. They will never make money.
The Financial Conduct Authority needs to investigate.
I’m probably going off topic here but I recently got into a spat on Facebook with Emoov and, to my surprise, Russel responded.
However, when I proved my point within the thread (that it’s ludicrous for Emoov to cite AllAgents as some bastion of review fairness given Emoov entered into a significant commercial arrangements with AlllAgents some years back) I was blocked by Facebook from being able to comment on any further posts.
Is this legal? If not, why isn’t anyone challenging it?
The real frustration is that I still receive all the marketing nonsense from Emoov in my timeline but I’m no longer able to comment..
#transparencymyarse
Funny
Makes sense and the acquisition of a “bricks and mortar” street brand even more sense, using a consolidated traditional agent to bring “real feel” to the online offering. Credibility comes from being to find your LPE sitting (on occasion) behind a desk. P Bricks better get C Wide while they still can.
Like DiCaprio and Winslet grimly hanging on in the freezing waters. One of them is dead and doesn’t even realise, the other one (Russell probably) will be talking about it fondly 60 years later when no one has a clue what they’re on about but doesn’t want to upset them either.
What a good use of investor money. Blow a fortune on TV advertising for both brands during Q1 when you know full well that one of them is about to dissapear.
Besides that, you have two companies that have yet to make a tanner combining to create what exactly?
Lol…. It just gets better by the day.
These companies keep on disrupting each other.
They need Not Simple as part of the duoply. It will make it easier for me to keep tabs on the disruption not.
Cheap money is floating around .
Early result of the new changes in more and more legislation . Soon a lot more small agents could be in similar situation,trying to stay above wayer and maintain high overheads.
charging clients almost nothing and you cant survive.
No it won’t in the real world – £100 maybe to us in the know
Call it Tipyourhat to the mugs who pay you up front
This merger is not about bringing two successful companies together, but more about keeping two unsuccessful companies afloat.
It’s merely a case of kicking the can down the road whilst making a bit of money off stock market traders at the same time.
There is no money in this business model.
So they are not sustainable as individual companies and do not have the market share respective investors were promised.
Merge the two companies, lower headcount in head offices to save a few quid and grow a little in combined market share. Sounds good in theory. However what will they do in another 18/24 months, merge again with another under performing onliner? Maybe Yopa?
Forgive the cut’n’paste from an earlier post:
Wonder what the name will be?
TepiMoov?
eMoopilo?
Or – what about a three-way tie with the self-appointed ‘champion’ of industry users?
Homeowners Alliance Real Estate…
…H0ARE for short.
How about Queeny or Birky ?
Quirkilo Mookilo
Hahahahahahhahhahhaaaahhhhhaaaaaa. Ohhhh hhaaahhahhhaaaahhhhhahaa.
And that’s just Purplebricks laughing!!!
£100 million? Ludicrous.
£100 more like.
Slow hand clap.
2 companies, neither making any money, investors (mugs) losing faith, so they create this merger. Over the next few weeks, expect news about the new company having 20% market share by 2020,prompting a new round of funding ahead of the share sale.
Quirkys not a dumbass is he. He’ll become a millionaire out of this and the only employee or shareholder to make any money
As I predicted many months ago – we will be left with just a few DIY agents as they can’t survive/make enough money on their own.
Merger number one underway!
£100m…
£115m and not a penny less…
🙂
Whoever buys its shares will be “Pennyless”
Brilliant!