Online estate agent Emoov has entered administration.
Emoov has appointed Peter Whalley and Tom Russell of James Cowper Kreston as administrators.
According to Estate Agent Today, Emoov founder and chief executive officer Russell Quirk sent an email to staff yesterday.
It said: “At 1pm today 3 December 2018 I held a call with Emoov board members where it was agreed to appoint James Cowper Kreston as administrators.
“Once this intention is filed with the court later today they will take charge of the affairs of the company and its staff, customers and creditors and will work to secure an ultimate buyer.”
The online agent merged with Tepilo and Urban.co.uk this year, creating the second largest online estate agent next to Purplebricks.
Quirk set up a new company in late September called “Russell Quirk Ltd” which is described as a “real estate agency and public relations” firm. There is some speculation surrounding the reason behind this decision.
The crowdfunding site Crowdcube was used in July to raise £1.9m for Emoov. However, according to the Financial Times, Quirk said the £15m new investment pledged at the time of the merger failed to materialise, leaving the company low on cash.
The company entering administration has left 140 staff unclear about their future.
Emoov has been approached for comment.