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TODAY'S OTHER NEWS

OnTheMarket announces another agency sign-up as IPO nears

Franchise agency Hunters has signed up to the OnTheMarket portal. 

This comes as speculation mounts that an announcement is imminent on stock market floatation plans for Agents’ Mutual, the parent company of OnTheMarket.

Hunters, founded by Kevin Hollinrake - now a Tory MP - has a network of more than 200 branches across the UK; it opened its 30th office in London with the arrival of a branch in hipster-capital Shoreditch, despite the challenging market across the capital.

“We have long believed that agents and property-searchers would benefit from a strong pro-competitive challenger portal and we are delighted to announce our strategic decision to support OnTheMarket. As a well-funded, agent-backed business, we see it as uniquely placed to grow to provide a credible market-leading portal" says Glynis Frew, Hunters Group chief executive officer.

Yesterday OnTheMarket announced it had signed Chancellors Group, which has over 50 branches trading as Chancellors in parts of southern England, as Anscombe & Ringland in areas of London and as Russell Baldwin & Bright in Hereford, Powys and Mid Wales. 

Both deals are contingent upon the Agents’ Mutual initial public offering going ahead - the first major stage in the floatation of the company.

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    They will not IPO in 2018. Not a chance. Who wants to invest in a company who’s shareholders are the customers? A price rise will never be voted through and you’ll never make money on your investment. Unless they float at a very low valuation then offer institutional shares later ensuring majority of shareholders aren’t agents to which will allow them to push through shareholder votes for price rises? Probably what they’ll do. They’re demutualising after all.

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    Interesting analysis Simon......you could be right !

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