Movehut, which set out to be the Rightmove of the commercial property world, has had most of its assets sold off by the administrators.

A company linked to the family of the portal’s founder Gary Stuart has reportedly paid a total of £55,000 to buy assets including the customer database, fixtures and fittings, and domain name.

Movehut, which was incorporated in 2011, went into administration last year after failing to raise the money it needed to keep going.

At one time, it had former Countrywide boss Harry Hill as its chairman.

However, after just ten months in the role, Hill is said to have been axed in August 2013, quitting at the same time as Movehut’s then chief executive Justin Bates, who had also joined only the previous year.

The circumstances were not explained by the company which said at the time: “The company is continuing to progress its plans for a listing, which it expects to complete before the end of 2013.”

An AIM listing would have valued the company at £10m, but never took place.

The administrators are said to have approached both Rightmove and ZPG during their search for a buyer.

Lucas Johnson Insolvency Practice says Movehut is to be moved from administration into liquidation.

Unsecured creditors are owed £207,900.