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TODAY'S OTHER NEWS

Emoov finally appoints administrators - the full email to staff

Emoov has this afternoon appointed administrators as a result of not being able to secure a buyer - the move had been widely anticipated for some days.

Here is the full email that has been sent to all Emoov staff this afternoon by chief executive Russell Quirk, provided to EAT by a source within the firm:

"They say that entrepreneurs should never give up. But at the same time one needs to know when efforts have been truly exhausted and when you simply have to call it a day.

"Regretfully and despite my significant endeavours over this weekend to achieve such, the prospective purchasers that have been in the wings have not come through with viable offers to acquire the Emoov business.

"In good faith, my absolute quest over the past few weeks has been to secure the future of Emoov under a new owner in order that staff and customers would have continuity and certainty. Sadly, that is not now to be.

"At 1pm today [Monday December 3] I held a call with Emoov board members where it was agreed to appoint James Cowper Kreston as administrators. Once this intention is filed with the court later today they will take charge of the affairs of the company and its staff, customers and creditors and will work to secure an ultimate buyer.

"Today is a truly sad day - but at the same time I am sincerely grateful to you all for your support, your loyalty and your hard work over the nine years since I founded the business. I'm especially touched by those that have attended the office and that have continued to work with me over the last few days in spite of the dark clouds that have gathered of late.

"I am also extremely grateful to specific shareholders such as Simon Murdoch of Episode 1; Gaby Salem of wharton Capital; and Alexander Lazarev of Maxfield Capital whom have been of immense support and professionalism since investing and in the last few weeks and months, fighting with me to preserve the company.   

"We built a business together that made positive noise, punched well above its weight and sought to make the home buying and selling experience better. We commanded a position as a well recognised thought leader and commentator and that led with a customer first, value led, tech enabled proposition. I'm proud of that and I am proud of all of you on that journey as the integral part of it. Our tech, systems, brand, TV ads, profile etc were all important components - but the team remains THE most important aspect by far. This is often underestimated by others. 

"So, thank you. But above all, I'm so sincerely sorry that it has come to this. 

"Peter Whalley and Tom Russell at James Cowper Kreston will be in contact and will guide you through the important aspects of the next steps." 

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    The guy is full of it, Lets hope this is the last we see of him.

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    So the staff wont be paid?

  • Andrew Ireland

    Eh, and I'm really sorry not.

  • Andrew Ireland

    Hang on what happened to Sarah Beeney? Did she ever get onto the Board of directors? If she didn't, bet she's glad now :)

  • Elliott Lester

    They rode the crest of the wave during the good times. Now things have got tough and people have stopped ringing them up to view, their empire collapses. Online agents have been the modern day .com boom. And we all know how that turned out!

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    it is the poor staff i feel sorry for. at this time of year not to be paid! I bet he took his bit out first

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    They say that entrepreneurs should never give up. But at the same time one needs to know when efforts have been truly exhausted and when you simply have to call it a day. - do me a favor

  • John Evans

    Quirk said: “We have the technology and scale where we charge a lot less. We are the Amazon of estate agents. It’s what I call the amazonification of the estate agent industry."

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    wonder what this note means in the Emoov Ltd accounts to 30.4.2017?
    13. Prior year adjustment
    During the period, it has been identified that various items including revenue and share based payments were not being accounted for in accordance with the requirements of Financial Reporting Standard 102. Adjustments have been made in order to correct the treatment of these items, this has resulted in a reduction in reserves as at 1 January 2016 of £11,502, an increase in the loss for the period ended 31 October 2016 of £493,809 and a reduction in reserves of £505,311 as at 31 October 2016.

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    oops they forgot to mention outstanding liabilities and commitments. That's bordering on fraud.

     
  • Simon Shinerock

    I kind of agree with Robert May on this in that true, full service estate agency, done well is undisruptable. I also agree that Emoov et al has highlighted how poor a service most estate agents have provided. As an industry we just need to up our game and we will be there at the end along with the cockroaches and the lawyers :)

  • Steve James

    Quirk is a fraud and he's off on another shoddy poorly run farse!

  • David Bennett

    Even tougher times ahead. Batten down the hatches, there's a Brexit about. Sadly, more high street agents will be lost, unless they up their game and trim their costs. Hope it is not one of you, so RQ can gloat?

  • Marty Sim

    Really unfortunate and disappointing news for all concerned and especially at this time of year. If any staff at Emoov are interested and are seeking to get back into employment then get in touch with me at Hyre PropTech. We are providing immediate career consultations to help as many as we can get a new role lined up as a priority over the next 4 weeks.

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