Online agent Yopa has filed accounts at Companies House showing a mounting loss of £32.25m.
The latest accounts cover the 12 months to the end of December 31, 2017, but were only signed off on January 9 this year.
The loss reported appears to be a cumulative total of £32,250,786 over two years, up from the £14,240,560 reported the previous year (2016). It means that in 2017, Yopa added further losses in the region of £18m.
The accounts are silent on turnover but state that as the company “is still in early growth phase, it is currently loss making”.
Notes forming part of the financial statement filed at Companies House state that Yopa has historically relied on capital contributions from its shareholders, and expects to depend upon its shareholders and investors for financing “at some point in the next 12 months depending on market conditions and trading results”.
The statement goes on to say that to continue as a going concern, the company must generate sufficient operating cash flow or secure new funding: “Whilst the directors have instituted measures to preserve cash, there is uncertainty over future trading results and cash flows . . .
“However, as there is no contractual guarantee of future funding from its shareholders, this represents a material uncertainty.”
The notes state that as at November 30, 2018, the company had a cash balance of £12,556,481, net assets of £14,054,537 and net current assets of £12,434,685.
During 2017, Yopa employed an average of 97 people, up from 38 in 2016.
Three of the six directors who held office during 2017 and up to the date of the report are named as Daniel Attia, and Alistair Barclay and Andrew Barclay.
The other three are Ian Crabb (group CEO of LSL, who was appointed a director last August), Manuel de Carvalho (CEO of the Daily Mail company dmg ventures) and Yopa’s CEO Benedict Poynter. Both the Mail and LSL are major backers of Yopa, which is currently lying second behind Purplebricks in terms of listings by UK online agents.
Yopa’s next accounts, for the year to the end of December 2018, are due by September 30 this year, suggesting that those filed for 2017 may have been late.
LSL, parent company of brands Your Move, Reeds Rains and Marsh & Parsons, invested £20m in Yopa in September 2017, along with an additional investment of £7.6m by Daily Mail and General Trust following an earlier investment of £15m.
Savills, via its investment arm Grosvenor Hill Ventures, backed Yopa in June 2016 leading a funding round of £16m.
Yopa was founded in 2014. Co-founder Daniel Attia, 23 at the time, became its first CEO but was succeeded by Poynter last April when Attia became chairman.