Emoov has confirmed that it has acquired both Tepilo and also lettings website urban.co.uk to create a business worth £100m backed by both existing and new shareholders including Channel 4 and Northern & Shell via enlarged equity-for-advertising arrangements.
The deal, which was leaked on May 11th, places the trio of online agents second behind Purplebricks in the UK market and will be backed by a £15 million fund to finance the development of the company, including an enlarged media spend.
Urban, which was one of the first online lettings companies to launch in the UK in 2008, bolsters Emoov’s lettings offering.
“Strategically, this is a powerful combination and with the very best senior team to deliver on our plan to improve and further dominate the estate agency industry,” says Emoov CEO Russell Quirk (left).
Quirk yesterday positioned the deal as Emoov ‘acquiring’ Tepilo and urban.co.uk, which Emoov describes as one of the “best online lettings platforms around”.
Combined the three digital businesses claim to have attracted 60,000 customers to date.
“Being part of a much larger group of property specialists with significant resources to deploy for growth, is truly exciting. I’m proud to be joining the senior team at Emoov to advance our progress as the go-to player in better value home sales and rentals,” says Adam Male, founder of Urban (pictured, right).
The team leading the new business includes a raft of digital professionals from outside the property industry but makes no mention of anyone from Tepilo, although founder Sarah Beeny has given the ‘merger’ her blessing.
Senior members of the enlarged Emoov team include CEO Russell Quirk, CFO Frank McGlade and CMO Lucy Milne (both formerly of Just Eat) COO Guy Halfhead from Bookatable.com, CTO Ivan Ramirez formerly of Groupon.com, plus Adam Male of Urban as Director of Lettings.
Vinay Solanki (pictured), who heads up Channel 4’s Commercial Growth Fund, will also be joining the enlarged Emoov’s senior team.
“Being part of a much larger group of property specialists with significant resources to deploy for growth, is truly exciting,” he says.