Tue, 28 Sep 2021 | BUSINESS SALE
Nu:move, a hybrid online estate agency operating via a franchise network, has been put up for sale by its owners. The firm’s owners, brothers Karen and Arun Batth, say that the company is being sold to enable them to focus on its sister business, property investment sourcing provider nu:1 Capital.
Founded in 2013, nu:move was valued at £2 million when the company listed on fundraising platform Seedrs in 2020. Last year, the company raised £750,000 to fund the expansion of its franchise network.
The firm has 20 regional representatives across its network, through which it has marketed around 10,000 properties. Nu:move’s founders say that the firm is profitable and has generated revenue growth on a yearly basis.
Franchises with the firm cost from £4,000 to £10,000, depending on the size of their individual network. Training, admin, systems and support from the wider group are then charged at £215 per month. The company offers both sales and lettings services and charges from £699 (excl. VAT) to £1,395 (excl. VAT) to market homes for sale.
According to chairman TJ Singh, the firm is being sold as “a ready-made business with all cloud-based systems in place”.
In its most recent available accounts at Companies House, for the year ending December 31 2020, nu:move had total net assets worth £2.23 million.
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