An explosive new video just released has Emoov founder Russell Quirk speaking honestly about the difficulties facing the business.
Interviewed by Graham Lock – himself a former online agent, who co-founded House Network – Quirk reveals that the merger with Tepilo back in June was a deal “constructed around a certain amount of money coming in on the Tepilo side”.
Quirk continues: “That money has not been forthcoming . . . We don’t have the money that was pledged.”
Quirk also talks of being let down by some large shareholders and says the business could face a bleak or uncertain future, and could come to a “hard stop”.
He said that he had expected online agents to have around 35% market share by now . . . “but we are still ten years away from that”. He adds that he does not think that Purplebricks will achieve 30% of the total UK market in its current form.
Quirk says that the £895 now charged by Emoov is “too low” to be sustainable.
He talks about the pain of fund raising over the last nine years.
The video is here: