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TODAY'S OTHER NEWS

Emoov administrators ‘want £100,000 for remaining vendor listings’

Estate Agent Today has been given details of responses made by administrators to an enquiry about the possible acquisition of some of Emoov’s remaining assets.

Emoov, the online agency led by Russell Quirk, collapsed officially eight days ago; it claimed to have run out of money because investment pledged during its merger with online agencies Tepilo and Urban in the spring had not arrived as expected.

Now a highly reliable source has told EAT of their own dealings with the administrators, James Cowper Kreston, when enquiring about the sale of Emoov’s remaining assets.

The source said that no specific value had been attached by the administrators to a software platform developed by Emoov. This appears to the software and platform about which Quirk told the trade press only 10 days ago: “We have spent £7m on excellent technology. It would probably take someone two years and £10m to build something similar.” 

Meanwhile Emoov’s property listings - believed to have been some 5,000 on Emoov and Tepilo at the time the company went into administration last Monday - were being valued at around £100,000 by the administrators. 

These listings were described by the source as possibly being subject to some form of revenue sharing between any buyer and the administrators acting for Emoov.

In addition, contractual obligations existed at the time Emoov collapsed and the administrators apparently informed interested parties that these may have to be honoured.

EAT put these specific points to the administrators who told us yesterday evening: “We have negotiations running with more than one interested party. Details of those negotiations remain confidential as far as we are concerned. That said, we can confirm that we are looking to interested parties to honour the contractual commitments to clients. We are not looking to prospective purchasers to pay the administrators’ fees. We hope to be in a position to announce more shortly.”

EAT has also been told by the source that has contacted the administrators that they anticipated that a buyer may eventually be a High Street agency rather than another online operator.

A week ago today James Cowper Kreston put out a statement saying that it wanted to minimise disruption to the vendors whose properties were listed on Emoov and Tepilo. 

“As a number of prospective buyers have indicated an interest in purchasing the client property listings, therefore, the administrators will be exploring the transfer of these to other providers as a priority. It is expected that a further announcement will be made on this in the coming days” the statement said at the time.

It is thought the administrators have a maximum of eight weeks now to inform creditors of their future plan for Emoov’s assets.

There has so far been no further comment from Purplebricks, which last week suggested - via a tweet by global chief executive Michael Bruce - that it may be able to assist stranded sellers recover at least some of their money.

  • James Scollard

    I wouldn’t give £100k but if they are reading this, I’d offer £6,000. Although, I’m really waiting for bigger online purple companies, which I’d offer another couple of thousand for.

  • jeremy clarke

    Oh dear, has someone left the calendar open on April the first? Who, in their right mind, would want to get involved with 5,000 disgruntled, out of pocket vendors and pay for the privilege? They shoot horses don't they? Time this horse was dispatched humanely.

  • icon

    £100,000 for 5000 disgruntled buyers that have already burned the thick end of a £1000 and will now be looking to a high street agent w no upfront fee's?
    Where's the value in that?

  • Tony Sinclair

    The term 'Scraping The Barrel' springs to mind. It will be interesting to see if anyone is gullible enough to buy a none existent list because as I mentioned last time it has already been plundered by every man and his dog.

    As for Quirk's statement... “We have spent £7m on excellent technology. It would probably take someone two years and £10m to build something similar.”

    Two Years? What at a load of old bollocks. The problem with this whole debacle is that it has been fueled by lie after lie after lie. Yet the master criminal Quirk still doesn't get it but he will when he tries to start his next Ponzi scheme. That being the simple wisdom of once you are exposed as a habitual liar, nobody believes you even when you are actually telling the truth.

  • Steve James

    100k is pie in the sky. No-one with any sense would take these on. In addition the clients can do whatever they want and most will want to go in a different direction. People like Quirk and they guys who scam I mean run these companies have and are always up to to no good. Misleading investors to line their pockets. Another catastrophe coming around the corner is Purplebricks. They could be manipulating their numbers. Neil Woodford is a dodgy guy and the consensus by some analysts is that they could be fixing the books. Here's an interesting excerpt "
    Quant Scores

    The M-Score, conceived by accounting professor Messod Beneish, is a model for detecting whether a company has manipulated their numbers or not. Purplebricks Group PLC (AIM:PURP) has an M-Score of -2.121199. The M-Score is based on 8 different variables: Days’ sales in receivables index, Gross Margin Index, Asset Quality Index, Sales Growth Index, Depreciation Index, Sales, General and Administrative expenses Index, Leverage Index and Total Accruals to Total Assets. A score higher than -1.78 is an indicator that the company might be manipulating their numbers"

  • icon

    With so much doom and gloom around at the moment with Brexit and ‘I’m Celebrity Get Me Out of Here’ ending I'm glad to hear just now that another call centre has been saved! Bless you and thanks Adam Male!

    Emoov is now sold! Whoop whoop!

    Enjoy your '£7 millions pounds worth of excellent technology'

  • icon

    RQ has gone bloody quiet. In fact the silence is deafening.

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