A lettings agent has launched a petition calling on the government not to give funds to Rightmove following its announcement yesterday that it is now eligible for Coronavirus ‘big firm’ funding.
Kathleen McCallum, who runs Ayrshire Lettings and Sales based in West Kilbride, says she is unhappy that Rightmove has been approved for funds despite making ‘massive profits’.
“Rightmove have overcharged small businesses for two decades,” she says.
“It’s predicted that up to 84% of agents have placed them on notice due to their lack of initial support in this crisis.
“This company should be able to support itself based on what it makes, and agents no longer want it to exist because of its stranglehold on the industry.
“The government should do what Rightmove did to small business and say NO to helping them.”
Rigthmove is now eligible to access HM Treasury’s Covid Corporate Financing Facility or CCFF, and the company says it expects ‘business as usual’ once the crisis is over.
“The combination of our current cash balance, our committed Revolving Credit Facility, which we have extended by a year to February 2022, and access to the CCFF will, in our view, provide Rightmove with sufficient liquidity and leave us well positioned to return to growth as markets normalise.
Yesterday’s announcement didn’t go down well in many of the Facebook and LinkedIn chat rooms. In one, a West Yorkshire agent – who was typical of the commentary – said: “If ever this… news of them going for the taxpayers bailout loan doesn’t inspire you to leave them as a matter of principle, along with their arrogance and increase of fees projected in 2021, then I don’t know what else will.”