OnTheMarket has received a major boost with the recruitment of Arun Estates.
The firm has signed a five-year agreement which will kick in once OnTheMarket floats on the stock market.
Under the agreement, Arun Estates will advertise all of its UK residential sales and lettings properties at OTM and will actively promote the portal brand with digital and branch-based marketing activity.
With a network of over 100 branches across south-east England, Arun Estates trades not only under the Arun name but also under the local brands of Ward & Partners, Cubitt & West, Douglas Allen and Pittis.
David Lench, Arun Estates group managing director, said: “I believe that both agents and the property-seeking public will benefit from greater competition in the portal space and that a strongly funded agent-backed model is the most effective way to achieve it.
“I am delighted to declare the support of Arun Estates for OnTheMarket and to announce our strategic partnership commitment.”
Ian Springett, chief executive of OTM, said: “It is a powerful boost to OnTheMarket that Arun Estates is committing to list its properties for five years. Arun Estates is undoubtedly one of the leading, most successful agent groups in the regions where it operates and its support will substantially strengthen our position in the market.”
OnTheMarket also this morning announced the appointment of a new non-executive chairman, ahead of its proposed IPO.
He is Chris Bell, a former chief executive of Ladbrokes.
As announced on August 4, OTM will seek to offer a minority stake to investors as part of a proposed IPO on AIM. The objective is to raise approximately £50m of new equity capital which will be used to fund the growth of the portal. The ‘one other portal’ rule is set to be dropped on flotation.
The company has engaged Zeus Capital to manage the proposed placing and IPO. No date has yet been set for the IPO.
Comments (22)
I’m picturing this as the All New/same Old/Old OTM finally splutters into life.
A bath.
Someone in it.
A few little bubbles struggling to the surface.
That pretty much sums it up.
Probably the even better deal they got from Z than usual on the principle of not going with OTM as well.
I think the bigger news missed over the last few weeks is that both Coutrywide & Connells have signed up new ‘long term marketing contracts’ with Zoopla !!!
Therefore the chance that OTM could possibly overtake Zoopla as the number 2 listings portal is pretty much dead in the water, so, I don’t see how ‘Independents’ could be encouraged to come on board a portal destined to remain at No 3 ?
Therefore the announcement by Arun Estates seems even more dodgy!
What’s to stop Connells and countrywide signing up to OTM for 5 years at some point?
OTM’s ‘one other portal’ rule is set to be dropped on flotation, so CW and Connells may already be negotiating their membership.
Received the newsflash via email from EYE a good TWENTY MINUTES before the notification from OTM wandered into my InBox.
Speaks volumes.
Wonder what they are paying per branch 😉
Not worth betting that it is less than existing members as it will be.
I spoke with a co-member pre-float fiasco who renegotiated their rate with a non-disclosure agreement then put in place. Another reason that I couldn’t support this debacle, Part 2. Too much jiggery pokery for me
Even if they pay £1 it’s better than not having them
What have you been smoking?
Well, as an OTM Gold Member Leaver I can take some comfort that I will not have to subsidise Arun Estates Subscriptions for 5 Years, my firm will have thankfully exited the OTM Debacle well before then
I note once again that OTM have disappeared from view. The debacle rolls unabated
Surely we will witness the astonishing £50 Million relaunch in our lifetimes? Ladies & Gentlemen, place your bets!
You obviously love bending over for RM! hahaha
Putting aside your “Weinsteinism” comment, at least RM delivers, and that gives me NO pleasure whatsoever to say.
OTM takes “virtual” to a whole new level – Invisible.
In reality I was promised a dream by OTM and sure enough they delivered, albeit it was their dream that came true.
I and many others just financed making their personal dreams come true.
Now they will have run out of excuses with their Titanicesque £50 Million Flotation. Let’s watch from the safety of the Lifeboats as Captain Springett and Co paddle towards whatever awaits them. I’ve wasted enough time & money on OTM.
You’re right Herb, at £1 OTM will be good value. Arun will be paying £100 per month for their entire branch network on your £1 estimate.
RM delivers because it has a virtual monoply. If all agents dropped zoopla and rm tomorrow and moved to OTM who would be #1?
wake up and smell the coffee!
RM will keep prices rising by 20% because idiots pay them
Interesting, considering all of Arun’s agents seem to be promoting themselves as “The Best In Class” and a “Premium Brand” I feel this move massively contradicts this. Having seen the way they work, they’re heavily reliant on “appealing to the widest possible audience” there is no way they can back this up if they’re now having to come away from ZPG.
Given the recent closure of some offices I don’t think all is what it seems with the Arun offices. Only time will tell if they truly are “The Best In Class”
OTM’s ‘one other portal’ rule is set to be dropped on flotation.
Who uses Zoopla and never RM then? Surely all buyers also look on RM?
I think Wales prefers Zoopla over Rightmove.
That’s something I’ve heard before too, but it’s actually not true. Just a misconception.
Is it? Thanks Maxwell73.
Arun Estates will be on RM, Z AND OTM, indeed appealing to the widest possible audience who use portals.
Great news another step closer to being initially #2 UK portal