RCS - OnTheMarket plc - Chancellors list as agent recruitment accelerates <Origin Href="QuoteRef">OTMPO.L</Origin>

OnTheMarketAnnouncement

23/02/2018 07:05

RNS Number : 7185F
OnTheMarket plc
23 February 2018
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23 February 2018
Chancellors Group of Estate Agents 50+ branches now listing properties at OnTheMarket.com in 5-year agreement
Chancellors now displaying its properties on portal as agent support gathers momentum
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 Chancellors Group of Estate Agents Limited 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, Chancellors Estates has also agreed to actively promote the OnTheMarket.com portal brand with digital and branch-based marketing activity. The Group operates a network of over 50 branches across Southern England and Wales, with a strong local presence in Berkshire, Buckinghamshire, Herefordshire, London, Mid Wales, Oxfordshire and Surrey.
The growth in agent support for the OnTheMarket.com portal continues to accelerate, with the number of new listing agreements up from 81 in the first five days of trading on AIM to a total of 243 within the first ten days.
ENDS
For further information, please contact:
  OnTheMarket
  Ian Springett, CEO
 Clive Beattie, CFO
0207 930 0777
  TB Cardew (Financial PR adviser)
0207 930 0777
  Ed Orlebar or Tom Allison
07738 724 630 or07789 998 020
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.
OnTheMarket plc was admitted to AIM on Friday 9 February 2018 alongside a capital raise of 30 million to support a new growth strategy for the business.

This information is provided by RNS
The company news service from the London Stock Exchange
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