Figures presented to the London Stock Exchange by Agents’ Mutual appear to show that it has 200 fewer branches now than in August - despite high-profile sign-ups of customers in the interim.
On August 4 an announcement from Agents’ Mutual, made via the exchange’s RNS system, included the statement: “Agents' Mutual's current members ("Members") number some 2,700 estate and lettings agency firms. In total, circa 5,700 agent branches list their properties with the OnTheMarket.com portal.”
On Friday of last week, when Agents’ Mutual gave additional details of its flotation plans - with shares set to start trading on the exchange’s junior Alternative Investment Market on Friday 9 - the company’s statement included the words: “ From Admission, the Directors believe the OnTheMarket portal will have over 5,500 branches…”
This apparent drop of some 200 branches comes despite some sign-ups of other agencies, announced in the interim.
This includes in December, some 200 branches from franchise operator Hunters, 50 branches under different brand names run by the Chancellors group, and about 100 from the Arun group.
You can see the two statements here and here.
On Friday Estate Agent Today asked Agents’ Mutual for clarification.
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The City is already frosty to the idea of this float, and why would anyone throw their money at this, the budget from the float for marketing is tiny compared with ZPG and RM the only person with an impressive financial result from this is Spriggett !!!! so why would their luck change now with people continuing to leave, their members are voting with their feet as soon as they are free to do so
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