Emoov appoints administrators after failing to find buyer

Russell Quirk

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.

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