14 Feb 2018 07:00
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14 February 2018
Arun Estates 100+ branches now listing properties at OnTheMarket.com in 5-year agreement
OnTheMarket plc, the agent-backed company which operates the OnTheMarket.com property portal, is pleased to announce that in line with the 5-year agreement announced in November 2017, the estate agency firm Arun Estates is now advertising its UK residential sales and lettings properties at OnTheMarket.com.
The agreement was conditional upon OnTheMarket plc's admission to the AIM market of the London Stock Exchange. Under the agreement, Arun Estates has also agreed to actively promote the OnTheMarket.com 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 well-known and trusted local brands of Ward & Partners, Cubitt & West, Douglas Allen and Pittis.
For further information, please contact:
OnTheMarket Ian Springett, CEO
|
0207 930 0777
|
TB Cardew (Financial PR adviser) | 0207 930 0777 |
Ed Orlebar or Tom Allison
| 07738 724 630 or 07789 998 020
|
Zeus Capital (Nominated Adviser/Joint Broker) Martin Green, Giles Balleny, Pippa Underwood (Corporate Finance) Benjamin Robertson, John Goold (Broking)
| 0203 829 5000 |
Stockdale Securities (Joint Broker) Daniel Harris, Owen Matthews | 0207 601 6100 |
Background on OnTheMarket:
Launched in January 2015, the OnTheMarket.com property portal was created by Agents' Mutual Limited, a company limited by guarantee and founded in January 2013 by a small group of agent firms, with the objective of creating a new portal to challenge the dominance of Rightmove and Zoopla. Both groups were felt to be using their strong positions relative to their agent customers to impose significant price increases for their portal services.
The Agents' Mutual proposition of an agent-backed portal offering a premier search service to consumers whilst charging fair prices to agents quickly found support among a very wide group of leading independent agents across the UK. These firms funded the venture by way of loan note subscriptions and committed to list with the portal once it went live.
OnTheMarket is the third biggest UK residential property portal provider in terms of traffic and has, with backing from its agent owners, developed unique sources of competitive advantage such as the "New and Exclusive" property listings.
The Board believes that OnTheMarket's £30 million capital raise alongside its Admission to AIM and its established revenues provide the opportunity for a transformational step-change in the portal's position and for the development of new consumer and agent products and services and the targeting of revenues from new segments of the property market and new strategic partnerships.