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Emoov faces administration rumours

Emoov is preparing to appoint accountancy firm James Cowper Kreston to act as the firms administrator, Sky News reports.

The rumour comes just a few months after Tepilo, Emoov and Urban agreed to a £100m merger, creating the UK’s second largest online estate agent after Purplebricks.

Pre-pack administration involves a firm agreeing the details or an asset sale before appointing an administrator, who is then charged with facilitating the sale itself.

Sky News says that the identity of who would buy any of the firm’s assets is “unclear,” before adding that founder and chief executive Russell Quirk is “said to be determined to continue to lead the business.”

The news service says that a pre-pack sale could be announced this Friday.

Speculation is being fuelled by the fact that Companies House reveals that Quirk set up an eponymous private company in late September.

Quirk has been approached for comment.

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