Online estate agency group Emoov has announced the appointment of James Cowper Kreston as administrator having hit cash-flow problems due to a lack of investment.
Emoov had been seeking a prospective buyer for its enlarged group having completed a £100m merger with fellow online agents Tepilo and Urban.co.uk earlier in the year. Founder Russell Quirk said that some of the £15m investment expected to come in as a result of the deal “has not been forthcoming”. The company has been loss-making every year since launching in 2009 and reported net liabilities of £583,824 for the year to the end of April.
You must be logged in to view premium stories.
Take out a print and online or online only subscription and you will get immediate access to:
To get access to premium content subscribe today
Alternatively REGISTER for a free trial to access up to 4 articles and sign up for email alerts