A hybrid estate agency that raised £750,000 to fund its expansion has been put up for sale by twin brothers Karen and Arun Batth who founded the agency a year before Purplebricks started up.
Nu:move has marketed some 10,000 properties since then and its founders say it has been profitable and growing in revenue on a yearly basis. It charges between £699 +VAT and £1,395 + VAT to sell homes depending on location and package, and also has a lettings package too.
The company valued itself at £2 million when pitching for investment from investors on crowd platform Seedrs recently.
But its chairman Tj Singh says the hybrid agency is being sold the company can concentrate on our sister operation, nu:1 Capital.
“It’s a ready-made business with all cloud-based systems in place,” he says.
It is a property investment sourcing specialist offering opportunities to clients looking for student, buy-to-let and commercial properties both in the UK and overseas.
Nu:1 Capital’s website lists several high-profile clients including Knight Frank, Damac, Emaar, DRW, Select Group and Alliance Investments.
The hybrid estate agency it started up eights years ago was designed to be an extension of this business and operated through a franchise network of 20 regional representatives.
The money raised in March last year was earmarked primarily for the expansion of this network, a model which until recently was very similar to Purplebricks’ set-up.
Each of the franchises cost between £4,000 and £10,000 depending on how many ‘chimneys’ they cover and then £215 a month for access to admin, training, systems and support.
Although it’s been in operation since 2013, it has only recently begun growing the business aggressively and in 2019 won a Bronze Negotiator award.
Read more about nu:move.