Online agent quickly bought out of liquidation with venture capitalists ‘looking to invest’

Online agency BetterMove has been swiftly bought out of voluntary liquidation, with the purchaser having had previous association with the business – and sounding confident for the future.

A winding-up notice for the Wales-based business was placed in the London Gazette on March 28, with a timeline of April 1 for the appointment of liquidators Gaines Robson, of Leeds.

The buyer is Blootek Ventures, also of Leeds, which was incorporated in February this year, and whose director had an earlier involvement with the online agency business.

The firm’s latest accounts, filed in February, show a marked deterioration from 2017 to 2018 with losses going from £16,893 to £89,722, while it had a bank overdraft of £27,525 in 2018.

Blootek Ventures director Nicholas Statman told EYE: “A Better Move Ltd was placed in voluntary liquidation and a deal was struck with a new company Blootek Ventures Ltd to buy the Bettermove branding, intellectual property, platform and other assets as well as taking on its entire customer database of property listings to ensure continuity of the business and ensure trading as normal.

“Blootek Ventures is headed up by a totally new management team led by me and is currently in negotiations with Far East venture capitalists with a view to growing the business further.”

He also confirmed his earlier involvement with BetterMove, telling us: “I was involved in an advisory capacity but then the company had a change of business model and was moved to Swansea under new management and ownership in early 2016.”

BetterMove has an unusual pricing model, currently charging per month from £74.91 to £112.08.

According to its website, it is “officially the number one estate agent in the UK for the fastest time from instruction to SOLD”.

It has certainly gained remarkable results, with one property sold yesterday the same day it went online.

https://www.rightmove.co.uk/property-for-sale/property-70921279.html

In November 2017, BetterMove said on its Rightmove page: “Any reference to estate agents tends to conjure up visions of smug, suited, slime-balls, making unrealistic and over-enthusiastic promises – then sitting with their feet up on the desk instead of actually doing anything to sell your home.

“It’s fine; we’re not offended… but you have our promise that at BetterMove, we do things differently.”

The wording was removed after EYE raised the issue with Rightmove.

Online agent’s ‘slime-balls’ slur on high street firms removed from Rightmove after EYE protest

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30 Comments

  1. jeremy1960

    According to its website,  it is “officially the number one estate agent in the UK for the fastest time from instruction to SOLD”

    Well that’s the due diligence done, if they say so themselves it just be true! Anyone that makes their decision that quickly quoting self promotion deserves for it all to go wrong very quickly.

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  2. El Burro

    ‘the purchaser having had previous association with the business’ so as soon as it’s put into liquidation (presumably meaning lots of small suppliers won’t get paid’) he buys it back straight away.
    That explains  the ‘fastest time from instruction to SOLD’  and as it’s probably the only deal they’ve ever done, with a 100% record they can justify the moniker ‘officially the number one estate agent in the UK’!
    Now looking forward to hundreds of 5* Trustpilot reviews appearing.

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  3. KC54

    BETTER buy a dictionary as well.  The rightmove ad refers to ventral heating!!  Just hope as much attention to detail was in the buy back contract!

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    1. PeeBee

      KC54

      The Rightmove ad actually refers to “gas ventral heating”.

      #Funny_that – it’s in an all-electric block!

      Here’s the link to the previous Agent’s listing –

      zoopla.co.uk/property-history/115-wave-close/walsall/ws2-9ly/49628724

      – complete with ELECTRIC radiators… ELECTRIC hob… ELECTRIC oven…

      …and the same photos used by BetterMove in their (later)listing – which, if you were watching Tw@tter yesterday you will already know is clearly this company’s forte

      (opens door… chucks in lit firework… retreats to a safe distance and grabs popcorn)

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      1. GJP-FX

        Sorry to be the bearer of bad news but I’ve just looked at the photos….those radiators are clearly for a flow and return LTHW system and not electric.

        (opens door… chucks in lit firework… retreats to a safe distance and grabs popcorn) lol

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        1. PeeBee

          You are correct that there is f&r pipework – but NOT gas-fired (as most LTHW systems are)
           
          It is either an electric ‘wet’ system or possibly CHP – but nothing is mentioned in the details.
           
          Material fact omission #1.

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          1. PeeBee

            There you go – according to the EPC* it is an electric ASHP.
            * Not included in marketing information – material fact omoission #2.

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            1. PeeBee

              Apologies for typos. As is frustratingly common for me, system logged me out and now I can’t edit.

              Cue grammar police…

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              1. GJP-FX

                Woop woop (siren flashing) lol Fair comment but the Air Source Heat Pump will most likely provide a boost to the hot water cyclinder (which may be electric) providing the hot water to the radiators. So not electric heating in the actual apartment but agreed that it may not be gas fired at source. Good work on the investigating!

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                1. PeeBee

                  Sorry?

                  Unless something has changed drastically since I last was involved with them, an ASHP is a complete heating unit which delivers both heating AND hot water to a property.

                  To you… (credit: Barry Chuckle 1944-2018)

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  4. Woodentop

    The firm’s latest accounts, filed in February, show a marked deterioration from 2017 to 2018 with losses going from £16,893 to £89,722, while it had a bank overdraft of £27,525 in 2018.  
     
    About right for all these on-line models and no doubt we shall hear the same figures from this so called agent, very shortly. Oh and sold is sold, not sale agreed, we’ve done many within a day for years, as have many other agents, so that claim is misleading and fraudulent.  
     
    Has anyone noticed a continuous pattern with on-line agents, they all make false claims or representation = to fool their customers.

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  5. Property Pundit

    This sort of stuff has become white noise to me now, I doubt I’m alone.

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    1. PeeBee

      Nah, PP – the ‘noise’ from this bu99er is absolutely DEAFENING…
      …when you dig a bit.

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  6. Thomas Flowers

    Or perhaps the fastest agent to go into liquidation and start trading again debt free?

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  7. Sunbeam175

    Should online agents contracts carry the warning ‘we are currently making a financial loss, if you choose the pay up front option you are quite likely to lose all your money when we go into administration’.

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  8. Carpets And Curtains Included

    “Blootek Ventures is headed up by a totally new management team led by me and is currently in negotiations with Far East venture capitalists with a view to growing the business further.”  
     
    It’s one thing fleecing the ‘get rich quick’ brigade in the UK, but you start ‘losing’ money from the Far East and methinks they’re gonna come looking for it…
     
    Then you’ll get a same day offer you can’t refuse ‍:(

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    1. Woodentop

      So what’s is new about the losses it and all your ilk keep making that will be different. Are you offering your far east venture capitalists guarantees or are you just moving the same loss to another part of the world and can sit proudly behind your desk and say you didn’t stuff a UK investor if it goes pear shaped?

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  9. J1

    Agency cannot be done on the cheap; nor can it be done profitably as an on-line only concept.

    Only when contracts become instant and binding will this change.

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  10. smile please

    How many number one estate agents in the UK can there be ?

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    1. Woodentop

      Theres only me.

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  11. michael138

    Just been advised by HMRC that their charge for me carrying Anti Money Laundering checks for them is increasing from £130.00 p.a. to £300.00. They say they need this increase to enable them to ensure that I am carrying out their job free of charge to their satisfaction.

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    1. Ostrich17

      That level of increase would make RM blush !

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      1. PeeBee

        No – but it might make them RECALCULATE!

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  12. PeeBee

    Here’s another one “listed ” today and already SSTC:

    rightmove.co.uk/property-for-sale/property-70934317.html

    Anyone else detect the aroma of a rodent?

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  13. Stedders

    Ah the elusive Nicholas Statman is back in the building.

    Although I understand Bettermove was formed off the back of Gateway Homes and in the same office. Gateway Homes being owned and run by Mr Statman himself.

    So has Bettermove been bought out by Bettermove?

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    1. AgencyInsider

      A bit of Google digging yields some most interesting insights.

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      1. Stedders

        He is an interesting character from personal experience!

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      2. PeeBee

        AgencyInsider

        Trust me on this – keep digging!

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