£100 million merger to create second largest digital estate agency in the UK

Emoov announce merger

Emoov have announced a £100 million merger with fellow hybrid estate agent, Tepilo, which also incorporates Urban.co.uk, one of the UK’s largest and longest established online lettings agencies.

The merger positions the new company as the second-largest digital estate agent in the UK. The three powerful brands have come together with a commitment to put the customer first and to pioneer the future of estate agency with transparency, technology and empowerment at the heart of everything they do.

Russell Quirk Founder and CEO of Emoov.co.uk said: “This is a pivotal move in the fast-growing digital sales and lettings sector and is designed to place us as one of the absolute winners in the space.

“We’ve joined together two of the best known fixed fee estate agency businesses to make the ‘Number Two’ contender; along with one of the UK’s most established online lettings companies, and a war-chest of £15m in new cash and media power.

“Strategically, this is a powerful combination and with the very best senior team to deliver on our plan to improve and further dominate the estate agency industry.”

The merged business will be headed by Russell Quirk and led by a strategic and experienced management team of CFO Frank McGlade (ex Just Eat; Deutsche), CMO Lucy Milne (Just Eat; EE), along with COO Guy Halfhead, former COO of Bookatable.com and CTO & Co-Founder Ivan Ramirez, former Global VP of Product at Groupon.com, plus Adam Male of Urban as Director of Lettings.

The newly-enlarged business has secured a total of £15m in new funding – from existing and new shareholders, as well as an additional investment from Channel 4 with them providing advertising, plus from Northern & Shell, Tepilo’s largest shareholder, via Sky, putting the combined business on track for strong growth this year and beyond.

Sarah Beeny, Founder of Tepilo commented: “I founded Tepilo in 2009 with the intention of putting the customer at the centre of their own property transactions. This deal creates a truly powerful partnership of property experts that are focussed on doing right by the customer and improving the home buying, selling and rental process for all. I’m truly delighted with the combination of the Emoov, Tepilo and Urban families to form such a valuable proposition.”

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