Emoov has been bought out of administration, the publication Property Week claimed this morning.
It says that the firm’s chief technology officer Ivan Ramirez is the buyer and that he is backed by a Russian venture capitalist, named as Kite Ventures.
The deal is said to have been struck for some £300,000. Eight months ago, the Emoov group was valued at up to £125m, says Property Week.
Last May’s valuation, by Cenkos Securities, made some key assumptions, including that the merger with Tepilo would complete as expected, and that the enlarged group would seek an IPO.
Emoov went into administration last month, in early December, with the administration handled by James Cowper Kreston. Property Week this morning quotes sources close to the administrators.
From £125 million (fiction) to £300,000 (fact). I wonder how loudly Mr Q will crow about that in his new role?
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If i were a cynical person, which i am, i would think this may have been a huge ploy to just get shot of the debt and then give it another go. If the debt comes with this purchase, how are they going to service such debt with no income?
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According to Bloomberg, this is the bio on the company supposedly involved. Onliners now funded by Moscow…..they better not upset them!!!!
Kite Ventures is a venture capital firm specializing in making investments in startups and companies in early stages of development. It primarily focuses on high technology and Internet investments. The firm seeks to invest in companies in Europe and Russian Federation. Kite Ventures was founded in late 2008 and is based in Moscow, Russia.
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https://www.linkedin.com/pulse/pr-property-sector-misunderstood-underestimated-russell-quirk/
“Eight months ago, the Emoov group was VALUED at up to £125m, says Property Week.”
Now the story of Emoov is finally emerging as Quirk seeking every opportunity to promote his new PR venture boasts about what a clever PR job he had done there that “valuation “was totally ridiculous He convenientally forgetting the damage left behind and now admitting it was haemmorraging £800k pcm in an interview.
That fact unknown to investors in June last year as they put their hands in the pockets he spun a very different story.
I should imagine investors in the car crash Emoov and those who lost their money trying to sell their property with Emoov might have a different interpretation of the boasts about market penetration at their expense!!! . Is this his definition of good PR ? Some sort of Pyrrhic victory ?
His pitch for new monies at Emoov he stated was required in advance of a IPO but now informs was also required for an expensive click habit that-“outweighs sensible unit economics”
“you simply root around for more cash with which to fuel your habit ”
“Online estate agents have suffered this bleed”.”
“In 2018 alone, James and I achieved over 2000 press mentions for Emoov in print and online. We dominated the consumer press, particularly the big titles”
In addition now admitting that the pitch and promotion was all fluff . “THE CONSEQUENCE OF THIS DETERMINED APPROACH WAS TO BE SEEN AS BIGGER THAN WE ARE” .
A Man for All Seasons. Blowing with the wind.
Furthermore now saying “Frankly, many businesses’ investors would be better off buying shares in Google and Facebook rather than in the business itself.”
This was not what he was saying to the suckered in Crowdcube investors last June!! Some very aggrieved investors in Emoov on Crowdcube who have lost their money on the strength of his pitch . I hope that the FCA undertakes a full investigation
Absolute disgrace that he is promoting his new business on the back of the failure of the last one.
The whole idea of offering the customer an exemplar service , selling their house and running a business properly is lost in this PR narrative.
Seems to have forgotten what the journey was all about .
2 PR sides to every story
TRUSTPILOT 29 Nov 2018 Disgusted with Emoov Emoov have treated all involved in the sale of my house with disdain. They do not deserve any star at all. Buyers have been treated appallingly one offer received and accepted, then rejected without consultation. We have been trying to speak to someone all week and all calls on our part have not received the courtesy of a reply. In the past instructed Tepilo and had a bad experience with them also. Unfortunately high street estate agents will be rubbing their hands together, I say unfortunately because over the many years working on the legal side, my only feelings are they are all bullies and not interested in the feelings of people. A proper governing body is needed Avoid Avoid Avoid Buying a house using Emoov is like pulling hens teeth, no call backs, no email replies. No interest at all. Two weeks and still no contact, My solicitor cannot get any answers, I’m back out there looking for another house because NO-ONE can get any information from them. These people are truly incompetent. When I find another house I won’t even bother viewing it if it’s with Emoov. PS – I’m a cash buyer, purchasing a house with no Chain !! Incompetent, liars, unprofessional & do not provide the service I would give less than 1* if possible. In short they signed me up, the person who took the photos was not a professional and they shots were blurry or poorly taken, it took them weeks of chasing to get the floor plans correct, i had to measure rooms myself and even then the final product was still not accurate. The person who was supposed to be supporting me in the process told me (after i complained) that he (using his words) tried to ‘wing it’ when trying to do the floor plans as he had no training or support. Eventually when the property went live with the inaccurate floor plans and poor photos i tested booking a viewing on to my house via an alternative email address but found the links to request a viewing were not working so the customer (my alternate email!) was not receiving a confirmation and I (as the seller!) was not being informed that there was a viewing interest. Furthermore some of their staff lied e.g. when i was expecting floorplans, when they did not arrive, i rang the person who was supposed to do them and he said he was sick with food poisoning (a check on facebook revealed actually he was out having a meal with friends that afternoon!). Lots and lots of problems, too many to list. I did ask for a refund two days after I went live because i realised then the company were incompetent but they would not agree unless they knocked some money off for the professional floorplans and photos…LOL! Having threatened them with breaking GDPR regulations some 6 weeks later they agreed to a refund but 16 days on I have not had any money come through nor can they tell me why the refund has not been actioned. Up until the point of actually agreeing a refund no one rang me in those 6 weeks to offer selling support. In fact the person named on my dashboard as supporting the process (the person who ‘winged it’) had left because of the lack of training a month ago but no one had told me nor updated the dashboard! Avoid like the plague, incompetent, liars and unprofessional and you will be hard pushed getting your money back. By the way don’t believe the stories given to cover up for incompetencies…i eventually dealt with Mani Ramasamy who said he would talk to his member of staff to sort out the problems with floor plans and photos – and tried to cover up the incompetent job by making excuses for some of the issues (e.g. not their fault or job to tell me i needed to submit offical documents to go live!) did they think the tooth fairy would relay that information to me because two weeks after paying up front is when i eventually found out when i personally spoke to the call centre. In fact the person dealing with my poor photos and floor plans left the company shortly after which i only found out about 6 weeks later – no corrections to the photos or floorplans nor anyone updating my online portal to say he had left. Emoov tried to blame issues on said member of staff (who had left) but the truth is no one in Emoov were able to step in and rectify anything. I paid mid septemberish, felt highly stressed early October because of all the issues and by the time i PUSHED for a refund end of October nothing had been sorted, I have still not been given a reason why they gave out my details to potential viewers without informing me nor do they have a record of those viewers! LOL. I have been questioning them for a month about this and the response still is ‘ give us the name and number of the person who turned up to your house’!!!! CLOWNS
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Why don’t you tell us how you really feel?
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Is Russell Quirk planning his own ‘Steve Jobs returning to Apple’ ploy? I hope so.
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Is there any clarity on what has been bought? An agency with no listings or staff isn’t much of an agency, the tech isn’t so groundbreaking it couldn’t be replicated for less than £300k so I simply do not understand this. What has Mr. Ramirez bought?
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A Domain name maybe.
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As said above, what have they bought?
Even if they needed to clear debt, these DIY/List Only models just don’t make any profit for the company.
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300k for the tech,domain name, database and infrastructure is probably about right.
They may make a few quid out of it but it will be much smaller than previously. I guess they are looking for a fast buck, set it up, clear the decks either do a naff IPO or look to flog it on to the next mug.
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At £300,000 they’ve been mugged! Like Emoov’s staff and customers.
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Is Donald Trump behind this Russian intervention?????
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I genuinely just checked the date….. and can confirm that it is NOT April 1st after all….. which shocked me
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Actual comparable valuation evidence for the pre-paid hybrid sector?
So emoov spent circa £30 million of other peoples money and has now sold its only real tangible asset for £300,000 ie 1% of its spend?
PB is losing around £1,000,000 PER WEEK so based on the above tangible asset valuation should PB investors re-assess PB’s market cap which is currently around £520 million?
Are PB’s fees payable regardless of sale or insolvency?
Should regulators now find a way to protect those 10s of thousands of pre-paid users from ever losing their money in the future?
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