In unexplained circumstances, former Countrywide boss Harry Hill has left the property website that was due to do for the commercial world what Rightmove did for the residential sector.
Movehut is claiming that both Hill and the chief executive, Justin Bates, were sacked, but has given no reason. It is understood that both men vigorously deny any wrongdoing.
Hill, who founded Rightmove, was recruited to Movehut only last October as non-executive chairman.
The highly respected Hill, arguably the best known of all estate agents, had built up Countrywide very successfully over 20 years, seeing it both on and off the stock market.
At Rightmove, his vision resulted in a business started from scratch and of which he stayed a director right up until its stock market flotation in 2006, when the business was valued at £425m. Today it is worth over £2bn.
Bates was also appointed to Movehut only last year.
Movehut was aiming to be listed on the stock market, as both Countrywide and Rightmove now are, and hired brokers Cenkos to explore options. The flotation was planned to raise £10m.
Hill tweeted shortly after his departure from Movehut to say he had “no further involvement whatsoever with the commercial property portal”.
Yesterday, a spokesperson for Movehut said: “The company can confirm that, last month, both Harry Hill and Justin Bates were dismissed as directors of Movehut. These dismissals were entirely unrelated to the performance of the business, which continues to grow ahead of expectations.
“The company is actively recruiting for the roles of chairman and chief executive, who will help continue to guide the company along a strong growth trajectory.
“Following this, the company has postponed its IPO, which up until now had been at an exploratory phase. The entrance of Movehut on to the public markets remains a key objective for the business.”
Hill remains a director of InDeed, the online conveyancing business that he founded and floated on the AIM market, although back in May it was said to be reviewing its future (see link below).
Another venture, JKM, of which Hill also became a director after he stepped down from Countrywide, reportedly lost him a considerable sum of money.
https://www.estateagenttoday.co.uk/oldeat_news_features/Harry-Hills-InDeed-business-mulls-its-future
Comments
Why would AA want to do a portal, they must have some investment to lose, what is the point?? Do people think its that easy, so much money and work involved it would be crazy. I would say at least £20m to get started, it needs massive public awareness, the site can be shite, i mean look at our portals now, they look like they were done in the in 90s lol.
He must feel like 'He's been framed'.
Old news - reported in Sunday Times - http://www.thesundaytimes.co.uk/sto/business/Companies/article1295760.ece
I heard he had invested in Allagents and was launching a portal with them
Couldn't agree with Fred more.
If Hill was to start an agency now he wouldn't last six months.
He does knows less about the right time to retire than agency though.
Never met him, don't know the guy.
But he must be one very smooth talking, charismatic guy who talks a good game.
I assume that that is how he got the job.
I assume that his other interests might have got in the way a bit.
I also assume that he kept telling the guys at Movehut that they were doing this wrong and that wrong.
I assume the guys at Movehut didn't like it very much.
BTW - Movehut is not a good name.
Rightmove - spot on!
Rolling Stones - brilliant!
Zoopla - who would have guessed...?
Movehut - sounds like a decision made by committee "Which is the least bad?"
Hill's a one-trick pony.
Why do you say Hill is highly respected in the City. He is 'Failed Management' as can now be seen from the string of failures Hambro provided the money to grow the Countrywide business by acquisition long before anyone put any value on an EA practice and then he picked up more after the Building Societies shot themselves on both feet. In my view he happened to be in the right place at the right time - not much skill in that!. Countrywide has done a lot better since he has gone than it did before. Surely the 'City' can work that out and it is only you that can't