The parent company of growing hybrid estate agency nu:move has raised £750,000 to fund its expansion prior to the company’s official crowdfunding launch on Seedrs in a few days’ time.
The money, which has come from investors pre-registering to invest in the company, will be used to grow its franchise network from around 20 representatives to in excess of 100.
Nu:move’s business model and sales pitch is very similar to Purplebricks’ but, unlike its hybrid counterpart, investors are to be given shares in the profitable parent group that owns the agency, rather than in nu:move itself.
Until 2013 Nu Move Group’s key activity was running Nu:1 Capital, a profitable investment platform for new-build student accommodation, buy-to-let and fractional ownership property in the UK and overseas. It has several high-profile clients including Knight Frank, Damac, Emaar, DRW, Select Group and Alliance Investments to name a few.
But although it’s been operating the company’s hybrid agency for seven years, it has only recently begun growing the business aggressively and last year it won a Bronze Negotiator award.
Hybrid estate agency
“We’ve stood back from developing our hybrid agency as we’ve watched much of the competition knock themselves out, but we feel that now is the time to go for it,” Nu Move Group chairman TJ Singh tells The Negotiator.
It is offering opportunities to become both territory-based franchisees and associates of nu:move, a network that will be controlled through a regional management structure.
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.
Nu:move was founded by identical twin brothers Aran and Karan Batth while studying for degrees at King’s College London and Cambridge, along with family members Kim and Pam ( all pictured, top).