Two key directors of eMoov have resigned from the firm, records at Companies House reveal.
The pair are Robert Sanderson (pictured, above) and Richard Martin, who are both also directors at media mogul Richard Desmond’s company Northern and Shell. Sanderson is joint Gropu MD at Northern and Shell while Martin is Group Commercial Director.
Both joined the hybrid agency’s line-up in May just days before the acquisition of competitor Tepilo and online lettings firm Urban was announced, along with £15 million of additional funding from new and existing shareholders including Northern & Shell.
The resignations come at the same time Russell Quirk was filmed talking to House Network founder and former Managing Director of The Property Franchise Group Graham Lock, saying he had “definitely been let down by some of our large shareholders” and that expected cash from the ‘Tepilo side’ of the business has “not been forthcoming”.
Quirk also said that eMoov was in “talks with parties that have approached us with a view to acquiring the business or making a meaningful investment”. He also outlines during the interview that it costs ‘a lot of money’ to build a new brand, increase public awareness and gain traction, and that he regrets not putting a good chairman in place to keep eMoov’s board on an even keel.
More alarmingly for eMoov staff and smaller shareholders, Quirk also suggest that unless replacement financing, or a suitable buyer cannot be found then a ‘hard stop’ for the business could be on the cards.