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Written by rosalind renshaw

It is business as usual for pay-per-lead portal Property Index, its management team has insisted.

It is understood that a small consortium of investors have offered sufficient backing for a management buy-out, which would be led by chief executive Lee Bramzell.

Meanwhile, the management team is continuing to run the business on licence from the administrators.

The Worcester-based company, which is said to employ 12 people, was put into administration after its main backer, Darren Richards, apparently decided he could no longer afford to keep investing in it.

Entrepreneur Richards made £30m from selling his previous business, an online dating agency, but it is understood he wanted to draw a line under the millions he has pumped into Property Index.

The company launched its overseas property portal in 2007 and its UK business in September 2008 – when the downturn was really biting.

Nevertheless, it made no secret of its desire to be up and running quickly, using a top PR company and hiring salespeople who were made redundant from Rightmove.

The site is currently said to have attracted 4,500 UK estate agents and a further 1,000 overseas agents.

The site recently put up its charges to new agents from £1 per lead to £2.50. There is no sign-up fee or subscription.

Comments

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    All money and no brains by the sounds of it. He should do another datng site. We were on PI and it was a complete waste of time, the leads were rubbish and had been sold multiple times over, i think they could have killed ppl.

    • 17 December 2009 08:30 AM
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