Tesco will be the main distribution partner while Spicerhaart will develop the virtual estate agency, if plans go ahead to buyout the online service Tesco Property Market.
Paul Smith, chief executive of Spicerhaart, says: “Final negotiations are taking place with Tesco to buy its estate agency business. This business, which will benefit from our well-established property expertise, will offer a high quality estate agency service. A further announcement will be made in due course.”
A spokesperson for Tesco says: “We have been reviewing our internet estate agency for some time and exploring ways in which we might be able to bring more value and choice to home movers.
“This has involved us talking to others in the industry and we are now in the final stages of negotiations for a deal to sell TPM to Spicerhaart.”
Further details will be announced in due course.