Despite only recently securing investment via Crowdcube with a £1,000,000 raise and the merger of Emoov, Tepilo and Urban.co.uk, it appears that the Emoovement is no longer moving.
The online estate agency brand which was founded by Russell Quirk is now said to be leaving 100’s of consumers out of pocket (their service requires certain upfront payments in order to market and sell property). The Sun newspaper along with many other national news channels highlight that ‘the company had “run out of cash” after investors failed to deliver “several million pounds” promised when the company merged with competitors, Tepilo and Urban.co.uk in June‘.
Recent endeavours to find Emoov a buyer seem to have fallen flat despite its national brand recognition, it is stated that during its 9 years of trading there was never any profits. An email leaked out that was sent yesterday from Russell Quirk to the staff of Emoov declaring that the company was going in to administration ‘They say that entrepreneurs should never give up,‘.
Is this the end of online estate agency? Is this a failure at board level to deliver a profitable working business? Is it just a masterclass of using investors money to build a brand that simply eats money? Should Russell Quirk now take up an advisory role in ‘how to raise money on Crowdcube‘?
Author: Christopher Walkey
Founder of Estate Agent Networking and an internationally invited speaker on how to build online target audiences using Twitter and LinkedIn.