Consolidation set to shake up the estate agency and lettings sector

Today Hybrid Estate Agents Emoov and Tepilo announce a first of its kind £100m merger, also incorporating Urban.co.uk, one of the UK's largest and longest established online lettings agencies - creating the second-largest digital Estate Agent in the UK. As three powerful brands come together with a commitment to put the customer first, the combined business establishes itself as a key player in the space.

Leading the consolidation of the property sales sector with the acquisition of Tepilo and Urban, Emoov is also launching a major assault on the world of lettings. This adds to the waves it has already made in the online sales space with 'first to market' innovative propositions such as Pay Only When Sold, ensuring Emoov's customer first ethos is always met. Together, the three brands have attracted over 60,000 customers to their value proposition to date.

The merged business will be headed by Emoov CEO Russell Quirk and led by a strategic and experienced management team of CFO Frank McGlade (Just Eat; Deutsche) and CMO Lucy Milne (Just Eat; EE), along with COO Guy Halfhead, former COO of Bookatable.com and CTO & Co-Founder Ivan Ramirez, former Global VP of Product at Groupon.com, plus Adam Male of Urban as Director of Lettings.

The newly-enlarged business has secured a total of £15m in 'new money' - from existing and new shareholders, airtime-for-equity investment from Channel 4 plus from Northern & Shell, Tepilo's largest shareholder, via Sky, putting the combined business on track for strong growth this year and beyond.

Channel 4's investment, from its Commercial Growth Fund, will provide Emoov with Channel 4 airtime to drive growth through a major TV advertising campaign. This commitment from Channel 4 adds to Tepilo's existing relationships with Northern & Shell's extensive advertising inventory via Sky, Channel 5, Express and Mirror newspapers.

Russell Quirk, Emoov's CEO, said: “This is a pivotal move in the fast-growing digital sales and lettings sector and is designed to place us as one of the absolute winners in the space. We've joined together two of the best known fixed fee estate agency businesses to make the 'Number Two' contender; along with one of the UK's most established online lettings companies, and a war-chest of £15m in new cash and media power. Strategically, this is a powerful combination and with the very best senior team to deliver on our plan to improve and further dominate the estate agency industry”  

Richard Martin, Northern & Shell's Commercial Director, said: “Tepilo was one of the first businesses we worked with as part of our media for equity initiative and we are delighted that Tepilo, along with Urban, is now part of Emoov. Together, they represent an exciting and competitive business with the critical mass and management team to become a major force in online estate agency and lettings.”

Sarah Beeny, Founder of Tepilo commented: “I founded Tepilo in 2009 with the intention of putting the customer at the centre of their own property transactions. This deal creates a truly powerful partnership of property experts that are focussed upon doing right by the customer and improving the home buying, selling and rental process for all. I'm truly delighted with the combination of the Emoov, Tepilo and Urban families to form such a valuable proposition.”

Adam Male, Founder of Urban.co.uk remarked: “Being part of a much larger group of property specialists with significant resources to deploy for growth, is truly exciting. I'm proud to be joining the senior team at Emoov to advance our progress as the go-to player in better value home sales and rentals.”

Vinay Solanki, Head of Channel 4's Commercial Growth Fund, said: “This is an exciting time for Emoov and presents a great opportunity for Channel 4 to get involved with disrupting a fast moving and competitive sector in digital transition. We're looking forward to working with Emoov on their first TV campaign as a newly merged major industry player to help the brand achieve the reach and awareness that only TV advertising has proven to effectively deliver at scale.”

For further information:

Contact the Emoov media team on press@emoov.co.uk for exclusive interviews.

Notes to editors:

About Emoov

• Emoov is rated the UK's No.1 Hybrid, Digital Estate Agent, offering a better way to sell your home by combining the best of the online and traditional sectors. 
• In 2014, 2015 and 2016 Emoov won theco.uk'Best Customer Experience Award', a testament to our approach as the leading digital disruptor, offering fantastic value and outstanding customer service.
• Russell Quirk is the founder of Emoov and widely recognised by the media for his expertise within the property market.
• Russell is a third-generation estate agent and after running the family business of five independent estate agents, he sold them to start Emoov in 2010.

About Tepilo

• Tepilo is the hugely recognisable UK-based online estate agent founded in 2009 by TV property expert and entrepreneur Sarah Beeny.
• Since working with Northern & Shell, Tepilo has grown to be a major player in the digital estate agency sector.

About URBAN

• URBAN is the UK's Best Online Letting Agent (ESTAs 2018) providing landlords with a transparent, knowledgeable and cost-effective lettings service., founded by Adam Male and Oliver Atkinson.
• URBAN won the gold award at the ESTAs 2018, voted by landlords, sponsored by Zoopla and presented to them by Phil Spencer.
• URBAN won Letting Agent of the year South East at the Landlord and Letting Awards 2016/17.
• More than 5,000 landlords across the UK have used URBAN.
• Rated 93% for customer service (ESTAs) and 9.4/10 (Trustpilot).
• Founded by Adam Male & Oliver Atkinson in 2008 who have grown the business through customer recommendations.
• URBAN is a recognised supplier of the National Landlords Association.