OnTheMarket PLC said Thursday the number of UK estate agency branches covered by listing agreements with the property website was now above 11,500.
The company said it has added additional agent firms with more than 6,000 offices to its agreement list since its initial public offering earlier in the year.
In mid-February, On The Market raised GBP30.0 million after placing 18.2 million shares at 165 pence each. The initial public offering valued the firm at GBP100.0 million in market capitalisation.
In late October, OnTheMarket announced it had signed an agreement with the UK’s largest property franchise Belvoir Lettings PLC to advertise all its UK properties through the OnTheMarket site in a long-term agreement. Belvoir has 300 branches in its network across its Belvoir, Northwood and Newton Fallowell brands.
This followed a number of similar deals with 200-branch Hunters Property Group, 50-branch Chancellors Group of Estate Agents Ltd and 100-branch Arun Estates amongst others since it listed. The firm has also signed deals with “thousands” of smaller one to three branch agents.
“Our first stage of growth has been focussed on rapidly expanding our agent base and we are pleased that the latest increase to 11,500 offices highlights the strength of agent support for an agent-backed portal,” OnTheMarket Chief Executive Officer Ian Springett said. “With a scalable portal, strong funding and a progressive ramping-up of marketing activity, growth since IPO has accelerated and momentum is continuing. This gives us confidence as we look to the coming months.”
Shares in OnTheMarket were 0.4% higher at 123.00 pence on Thursday.