OnTheMarket has announced a new non-executive director, Rupert Sebag-Montefiore.
The appointment reunites Sebag-Montefiore with OTM boss Ian Springett after both were at the helm of PrimeLocation, the early forerunner of an agents’ mutual portal.
The pair masterminded its lucrative exit.
PrimeLocation, which was formed by estate agents and owned by estate agency shareholders including a number of London and regional independents plus Savills, Knight Frank and Strutt & Parker.
It was sold to the Daily Mail and General Trust in 2005 for £48m – at the time considered an eye-watering sum.
Sebag-Montefiore was non-executive chairman of PrimeLocation’s holding company Fastcrop, and Springett was CEO.
After the sale to DMGT, Sebag-Montefiore stayed on as non-executive chairman until 2010. PrimeLocation is now part of the Zoopla group.
Sebag-Montefiore’s impressive CV includes Savills, where he was head of global residential. He was also CEO for 13 years of Savills in the UK.
He sits on various external investment committees, including Christ Church College, Oxford, and is a trustee of the Orchestra of the Age of Enlightenment.
Yesterday Springett welcomed Sebag-Montefiore to OTM, saying: “Rupert has extensive executive and non-executive experience in and beyond the UK property sector.
“He brings a deep understanding of the property market in general and an invaluable insight into the perspective of estate agents and house builders in particular. We greatly look forward to working with him as we continue to build the UK’s agent-backed property portal.”
Sebag-Montefiore said: “It is with great pleasure that I join the Board of OnTheMarket at such an exciting and important phase in its development. I have watched the business grow from a concept to a serious market player in the UK portals sector.
“I look forward to supporting an entrepreneurial and seasoned leadership team in achieving its growth objectives in the interests of shareholders, customers and property-seekers alike.”
Comments (4)
……as one looks up, the Portal Vultures circle high in the financial cloudscapes …….swooping down regularly to pick away at Our Industry.
…….meanwhile, through the Round Window ……OTM’s board welcomes a New Executive arrival …eavesdropping we hear ……”Good Morning All, firstly an update on a New Product Launch for Agents. A self-build brick wall which every agent can run into without leaving their office”
…….and at Rightmove, we overhear “Congratulations everyone on another great performance. To celebrate we are sending a New Product to all our Agents. It’s a Rightmove branded whip so that Agents can punish themselves even more, without leaving their office. Now obviously we are looking to charge for this feature, what is the feeling on £100 per month added to existing packages?”……
FFS! …….is this where we are at? All this talent in Our Industry and we are herded and led like sheep?
Jobs for the boys…..
Pockets lined with lemmings’ money………
The share price is a shocker and the lack of presence with the public is even worse……..
Remind me why were all meant to back OTM again?
Because of this….. Good old Rightmove
Revenue and operating profits both jumped 8%, with shareholders benefiting from a 10% rise in dividend.
Revenues were £289.3m last year, up from £267.8m the year before.
Operating profits were £213.7m, up from £198.6m.