Emoov Limited (07118826): administration
- Status
- Administration ended
- Administration began
- 2018-12-03
- Administrators
- Thomas Charles Russell, Sandra Lillian Mundy
- Administrators' firm
- FRP Advisory
- Incorporated
- 2010-01-07
- Location
- Southampton
- Industry
- 68310 Real estate agencies
Why it went into administration
- Funding withdrawn / unable to refinance
- Competition / price pressure
From the administrators' statement
The Company was incorporated on 7 January 2010 and traded as a hybrid of an online and traditional estate agency. It raised substantial investment in its pursuit of sufficient trading volumes to warrant an initial public offering (“IPO”). Its most recent filed financial statements for the six months ended 30 April 2017 showed that the Company made a loss in the six month period of approximately £3.1m. As at 30 April 2017 the Company had net liabilities of £584,000 with accumulated losses of approximately £10m.
The Company acquired Tepilo and Holdings in May 2018. Tepilo was a direct competitor and it was considered that an amalgamation of the two businesses would assist in facilitating an IPO in due course. As the time of the acquisition, Northern & Shell Ventures Limited, which was an existing Tepilo investor, was granted a fixed and floating debenture over the assets of the Company with Tepilo and Holdings giving cross guarantees. The Company also acquired the share capital of Urban Sales and Lettings Limited (“Urban”) in June 2018. Following these acquisitions there was speculation that the market value of the merged businesses might be in the region of £100m.
The Company began the process of merging its operations with those of Tepilo and Urban but at the time of the appointment of administrators this process was incomplete. Draft results for the year ended 30 April 2018 indicate that the Group sustained a loss before taxation for that year of approximately £10.5m with net liabilities at the year-end of approximately £900,000.
Administrators' statement of proposals (2019-02-09) · Companies House register