Two years after it was revealed that Spicerhaart and Tesco were locked in a legal battle over the sale of the supermarket’s property business, it has emerged that the matter has been finalised.

No details are available as to the terms or date, but a spokesperson for Tesco told Eye yesterday that a settlement had been reached. There was no further information.

Spicerhaart told Eye: “Legal agreements preclude us from making any comment at this stage.”

In October 2012, it emerged that Tesco was suing Spicerhaart for £3.37m after selling it Tesco Property Market – which Spicerhaart rebranded to iSold.

Spicerhaart said it was counter-suing Tesco for a larger sum, claiming that the supermarket reneged on its promise to provide marketing and distribution for the property site after the sale.

Tesco launched Tesco Property Market in 2007. It was controversial, because it took estate agents’ listings via a deal with Fish4Homes. Furious agents who believed that Tesco wanted their properties to build critical mass while it established a private online sales operation demanded their properties be pulled.

Tesco Property Market offered sellers a flat fee of £199, which included listing on the Tesco Property Market website plus a For Sale sign.

However, the OFT ruled in 2008 that Tesco Property Market was an estate agent – meaning that its original business model could not be fulfilled.

Spicerhaart bought the business for £3.7m, which came due three years later.

In return, Tesco apparently agreed to continue offering marketing and distribution, including via its website and Clubcard scheme.