We’re delighted to announce a first of its kind £100m 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 us 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 we do.
Leading the consolidation of the property sales sector with the acquisition of Tepilo, we’ve also launched a major assault on the world of lettings with the inclusion of Urban, one of the best online lettings platforms around. This adds to the waves we have already made in the online sales space with our ‘first to market’ innovative Pay Only When Sold proposition amongst other initiatives, ensuring our customer-first ethos is always met. Together, the three brands have attracted over 60,000 customers to date and we’re excited about increasing this as one united force.
"Being part of a much larger group of property specialists with significant resources to deploy for growth, is truly exciting. I’m proud to be joining the senior team at Emoov to advance our progress as the go-to player in better value home sales and rentals."
The merged business will be headed by our very own CEO 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.
"This is an exciting time for Emoov and presents a great opportunity for Channel 4 to get involved with disrupting a fast-moving and competitive sector in digital transition. We’re looking forward to working with Emoov on their first TV campaign as a newly merged major industry player to help the brand achieve the reach and awareness that only TV advertising has proven to effectively deliver at scale."
Head of Commercial Growth Fund, Channel 4
Channel 4’s investment, from its Commercial Growth Fund, will provide us with Channel 4 airtime to drive growth through a major TV advertising campaign. This commitment from Channel 4 adds to Tepilo’s existing relationships with Northern & Shell’s extensive advertising inventory via Sky, Channel 5, Express and Mirror newspapers.
"Tepilo was one of the first businesses we worked with as part of our media for equity initiative and we are delighted that Tepilo, along with Urban, is now part of Emoov. Together, they represent an exciting and competitive business with the critical mass and management team to become a major force in online estate agency and lettings."
Commercial Director, Northern & Shell
"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."