OnTheMarket is announcing today that it has signed a long-term strategic partnership agreement with Hunters, whose chairman is co-founder and Tory MP Kevin Hollinrake.
Hunters is listed on the AIM stock market and is chiefly a national franchising operation, with ambitions for further growth.
The York-headquartered business currently has over 200 outlets, which are now added to OTM’s branch numbers ahead of its planned IPO.
Under the agreement, which is conditional upon the IPO taking place, Hunters will advertise all of its UK residential sales and lettings properties at OTM and will actively promote the portal brand with digital and branch-based marketing activity.
Glynis Frew, Hunters group chief executive officer, said: “We have long believed that agents and property-searchers would benefit from a strong pro-competitive challenger portal and we are delighted to announce our strategic decision to support OnTheMarket.
“As a well-funded, agent-backed business, we see it as uniquely placed to grow to provide a credible market-leading portal.”
Ian Springett, chief executive of OTM, said: “I am very pleased that a group with the reputation, scale and ambition of Hunters Property Group is committing to a strategic partnership with OnTheMarket.
“After announcing recently that Arun Estates and Chancellors Group had committed to list their properties for five years at OnTheMarket.com, the support of Hunters will strengthen even further our position in local markets where it operates and across the broader market.”
Yesterday, Hunters’ share price stood at 44.5p, close to its low.
Last week, it announced to the Stock Exchange that its chief financial officer Ed Jones had bought 20,000 shares for £8,900. He now holds a total of 3,756,129 shares, representing an 11.81% stake in the company.