Despite only completing a merger process in May, online estate agent Emoov has put itself up for sale amid signs of a squeeze on its pursestrings.
Emoov merged with fellow online agencies Tepilo and Urban earlier this year, which resulted in former Daily Express owner Richard Desmond taking a significant minority stake in the new company.
Sources told Sky News tonight that listed property agent Foxtons has already held discussions with Emoov about a takeover, although it is unclear whether these talks are still ongoing.
Emoov has appointed stockbroker Arden Partners to oversee an auction of the business, should a buyer not be found elsewhere.
A source close to the firm later told City A.M. that a shareholder, who was due to inject a significant amount of funding into the newly-merged business, had reneged on a deal which saw Emoov then grappling for cash.
Other investors in the business include Channel 4’s Commercial Growth Fund. Emoov last publicly raised £9m in 2017, in a round which valued the business at £40m.
Emoov declined to comment.