The former CEO of the Co-operative Group, Richard Pennycook, has been appointed non-executive director of new property portal, Boomin.
Pennyccok rebuilt the Co-op after its banking crisis and won plaudits after he agreed to cut his basic salary from £1.25m to £750,000.
Pennycook, who was awarded a CBE in the 2020 Birthday Honours for services to retail, will be appointed to the Boomin board at its next meeting on 27 May.
He has held board roles at Morrison, RAC, Laura Ashley, J D Wetherspoon, The Hut Group, and On the Beach.
Pennycook said: “I have experienced first-hand the digital retail revolution and how important it is for every industry to adapt and change, to innovate, to break new ground and to engage and communicate with their customers in a number of different ways.
“Boomin is leading that change for estate agents and customers with modern features that hold traditional values and deeper engagement with their audience through the likes of Property Playground that will prove invaluable for visitors, agents and retailers for the long term and not just for a transaction.”
Michael Bruce, CEO and founder of Boomin, commented: “Boomin is building out a powerful team of thighest calibre, reflecting the size of the opportunity, our ambitions and the desire to be the No 1 choice for our agent partners.
“Richard’s exceptional career at the forefront of British retail makes him ideally suited to help us execute on our strategy to always pursue the best interests of estate agents, generate them maximum revenue and bolster the development of Property Playground, one of the key and unique features of the Boomin platform, which sets it apart from the other listings focused portals.
“Playground is already growing in momentum, with new architects, designers and other home service providers joining the platform, alongside an increasing number of homeware and furniture retail partners.
“I look forward to working with him as we seek to redefine the property portal market and reset the balance of power within the industry for agents.”
Comments (8)
Robert May as ever talks a lot of sense, probably though this is the worst place to try to air any wisdom.
Many would do well to listen to Richard Pennycook’s wise words as opined above,
“I have experienced first-hand the digital retail revolution and how important it is for every industry to adapt and change, to innovate, to break new ground and to engage and communicate with their customers in a number of different ways’.
Communicating and engaging digitally with a nation of digital natives of all age ranges seems a pretty sensible gambit, clinging to analogue ways, wins no medals in the 2020’s real estate market place.
Nonsense and clear you have never tried to sell anything property related on a regular basis. IT is only a tool, not a replacement.
Boomin will be a Boomin fail. It can never hope to gain the level of agents it needs to be a serious contender to the status quo. It needs those same agents, who are staying away for three very good reasons.
1. No-one trust Bruce & Co after his attempts to decimate the high street and all the nasty things he previously said.
2. Suicide for the High Street? The portal has all the hall marks of being switched to a private sellers portals, once the high street agents have grown the wolf in sheep’s clothing.
3. The big players are the status quo, established and trusted by the consumer. Have no desire to join a competitor!!!!!!!!!!!
Boomin will not succeed in winning over many agents – no matter what they come up with. Many agents have pride and principles – unlike so many of the sheep who have succumbed. They will concur with Certus, above, and say ‘Never’. Never associate with an abusive bunch of money grabbers who tried, unsuccessfully, to put them out of business.
I keep getting calls to join up – keep replying never. This will never win over independent high street agents. OTM has the best chance of taking on RM.
Do you mind if I add another perspective just because this is supposed to be a forum to discuss the industry not a polarised opinion posting place.
The agents disruption hurt the most are the agents who need Boomin the most. Instead of a 1 LPE attempting to cover 5 or 6 #local activity centres each with at least 3 #local agents. Boomin has the opportunity of having actual local experts; the people they were competing against and couldn’t defeat working the same system and attracting investor interest.
I am always as objective as I can be. if there is a way agents can see past Purplebricks and understand some of the things agents fear the most from Boomin are already being done to them by other suppliers, Bruce Bros have an opportunity to attract investor’s ears.
Jason Tebb is doing a great job at OTM but what has gone before him there is causing legacy issues too.
The reality is small and medium size agencies need both OTM and Boomin to succeed in order to keep the duopoly on their toes.
No agent needs Boomin, period.
Great hire, will impress institutional investors in the lead up to flotation. Oh wait, they’re not doing that are they?