Peter Whalley and Sandra Mundy of James Cowper Kreston have been appointed joint administrators by the directors of Emoov, Tepilo Holdings and Tepilo.
Emoov was established by Russell Quirk in 2010. It operated a hybrid estate agency, combining online client service and property listings supported by personal help and advice from local agents, but without the requirement for a high-street presence. In April, Emoov acquired its competitor, Tepilo, the online agency established by Channel 4 television presenter Sarah Beeny.
Recent attempts to find one or more buyers for the Emoov and Tepilo businesses, ahead of administration, proved inconclusive. The administrators, nevertheless, want to minimise disruption to the companies’ client homeowners.
As a number of prospective buyers have indicated an interest in purchasing the client property listings, therefore, the administrators will be exploring the transfer of these to other providers as a priority.
It is expected that a further announcement will be made on this in the coming days. Meanwhile, parties interested in acquiring the client property listings should contact Tom Russell in the first instance at email@example.com.
Thereafter, the administrators expect to close down the trading activities. The administrators will be writing to creditors in the coming days inviting them to submit claims for amounts owed to them at the date of administration.
Creditors will rank for payment of amounts due to them in the order of priority set out in statute. To the extent that funds are not sufficient to pay unsecured creditors in full, in due course, they may receive a dividend calculated as a proportion of the amounts owed to that class of creditor. The administrators will provide further information about this when they circulate their proposals to creditors.
Emoov subsidiary Urban Sales and Lettings is unaffected by the administration.