Emoov could be on the brink of entering administration – but that does not mean it will disappear.
The online agency – which only merged with Tepilo this spring to create a business worth a claimed £100m but which recently put itself up for sale – is reported to be close to appointing administrators.
Administration won’t necessarily see the brand disappear, however. It is said that a pre-pack administration could be in the offing with a slimmed-down Emoov living on to fight another day. It is thought that founder and CEO Russell Quirk is keen to continue involvement with his brainchild.
Even a suggestion that administration is a possibility must surely bring into question not only the viability of the online estate agency model out on the streets, but of its viability as an investable business model. The company has raised £18m from investors in recent years, including from crowdfunding and some very high profile names. Investors were no doubt attracted partly on the strength of Quirk’s forecast of 550% revenue growth by 2019 and profitability by 2020-21.