OnTheMarket is announcing today that it has signed a long-term strategic partnership agreement with Hunters, whose chairman is co-founder and Tory MP Kevin Hollinrake.
Hunters is listed on the AIM stock market and is chiefly a national franchising operation, with ambitions for further growth.
The York-headquartered business currently has over 200 outlets, which are now added to OTM’s branch numbers ahead of its planned IPO.
Under the agreement, which is conditional upon the IPO taking place, Hunters 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.
Glynis Frew, Hunters group chief executive officer, said: “We have long believed that agents and property-searchers would benefit from a strong pro-competitive challenger portal and we are delighted to announce our strategic decision to support OnTheMarket.
“As a well-funded, agent-backed business, we see it as uniquely placed to grow to provide a credible market-leading portal.”
Ian Springett, chief executive of OTM, said: “I am very pleased that a group with the reputation, scale and ambition of Hunters Property Group is committing to a strategic partnership with OnTheMarket.
“After announcing recently that Arun Estates and Chancellors Group had committed to list their properties for five years at OnTheMarket.com, the support of Hunters will strengthen even further our position in local markets where it operates and across the broader market.”
Yesterday, Hunters’ share price stood at 44.5p, close to its low.
Last week, it announced to the Stock Exchange that its chief financial officer Ed Jones had bought 20,000 shares for £8,900. He now holds a total of 3,756,129 shares, representing an 11.81% stake in the company.
Comments (6)
I still struggle to understand why agents join this site. Most vendors I speak to haven’t heard of it.
1000 plus Members leaving with more to follow no doubt so best keeping busy replacing the falling membership. Probably part of any IPO proposal – funding party tells company to shore up/replace leaving members, then we’ll stump up money
In the absence of any detail from Mr Springett and Co we can only form our own opinions
It’s beginning to read like “ Dad! Daaad! Daaaaaaaaaad?!!! I scored a goal today!” To which Dad replies “Well done Son, that’s what your supposed to do in football”
Probably signing up new members at massively discounted rates as so desperate to try and announce something. At least my Gold Member Company can leave the scene of this car crash long before the 5 year lock-in, which some have handcuffed themselves too
Iam surprised in 2017 that these people are allowed to own stock in companies they work for. One massive jolly for people who have never had a real job and just playing the game.
Think of all the jobs that have been lost over the years by financial controllers looking to keep share price up for their pension pots before they retire .
I think someone maybe a green monster!
Or even 220,000!
Great news on new members…but conditional! Glad Tory MP is interested in the power of his companies data and stock..and not swayed by an IPO….