Rightmove’s acquisition of
tenant referencing and rent guarantee insurance provider Van Mildert has
completed following approval from the Financial Conduct Authority.
Rightmove purchased Van
Mildert Landlord and Tenant Protection Limited for an initial £16m, potentially
rising to £20m, at the end of July. However, the acquisition could not be finalised
until Rightmove received FCA approval to become a financial services provider.
Rightmove plc CEO Peter
Brooks-Johnson said at the time: “We’re looking forward to welcoming Van
Mildert, a highly respected tenant referencing company, to the Rightmove
“We believe the
combination of Rightmove’s unrivalled reach and Van Mildert’s products and
operational experience will augment the Rightmove Tenant Passport, helping in
our quest to make renting a property faster, easier and more efficient for
tenants, landlords, and agents alike.”
The purchase is a
significant step in moving Rightmove towards becoming more than just a property
portal – as well as developing its presence in what is, right now, the more
buoyant lettings part of the property market.