OTMP renews major brand contracts and signs agent

RNS Number : 7107C

OnTheMarket plc

13 October 2022

 

13 October 2022

ONTHEMARKET PLC

("OnTheMarket", "OTM", the "Group" or the "Company")

OnTheMarket renews major brand contracts and signs high-growth estate agency group to the portal

OnTheMarket plc (AIM: OTMP), the majority agent-owned company which operates the OnTheMarket.com property portal, is pleased to announce the renewal of contracts with existing customers and the signing of an agreement with Lomond Group.

Contract Renewals

On the Group's admission to AIM in February 2018, many of our agency customers at that time committed to listing agreements with a five-year minimum term, running initially to February 2023. We are pleased to announce that several of the highest profile agency brands have signed new agreements including but not limited to;

· Arun Estates	· Knight Frank
· Chancellors	· Savills
· Chestertons	· Spicerhaart
· Douglas & Gordon	· Webbers
· Glentree	· Carter Jonas

Lomond Group

Alongside these important contract renewals, OnTheMarket is pleased to announce an agreement with Lomond Group, to list its properties with the portal. The fast-growing network of sales and lettings businesses encompasses over 60 branches across many well-known agency brands located across England and Scotland.

In July, Foxtons, one of London's leading estate agencies with 50 interconnected branches, similarly committed to a listing agreement, significantly expanding the portal's presence in the capital.

Jason Tebb, Chief Executive Officer of OnTheMarket, commented : "We have been successfully broadening the technology capabilities and functionality of our agent-focussed products and services, ensuring we continue to offer greater value to agents and consumers alike. The commitment of these major brands and our valued long-term agency customers and shareholders is proof that our strategy is working. We look forward to unveiling many more innovations as we continue to develop our differentiated, technology-enabled property business."

Ends.

For further information, please contact:
OnTheMarket Jason Tebb, Chief Executive Officer Clive Beattie, Chief Financial Officer	0207 353 4200
Tulchan Communications (Financial PR Adviser) Giles Kernick Alec Tidbury	0207 353 4200 [e-mail]
Zeus Capital (Nominated Adviser/Joint Broker) Jamie Peel, Martin Green, James Hornigold (Investment Banking) Benjamin Robertson (Corporate Broking)  Shore Capital (Joint Broker) Daniel Bush, John More (Corporate Finance) Fiona Conroy (Corporate Broking)	0203 829 5000 0207 408 4090

About OnTheMarket:

OnTheMarket plc, the majority agent-owned company which operates the OnTheMarket.com property portal, is a leading UK residential property portal provider.

Its objective is to create value for shareholders and property advertiser customers by delivering an agent-backed, tech-enabled portal, offering a first-class service to agents and new homes developers at sustainably fair prices and becoming the go-to portal for serious property seekers.

OnTheMarket provides a unique opportunity for agents to participate in the equity value of their own portal. Agent backing and support enables OnTheMarket to display Only With Us properties to serious property seekers either exclusively* or 24 hours or more before agents release these properties to Rightmove or Zoopla.

*  Exclusive properties are properties advertised at OnTheMarket.com by customers who do not list their properties with either Rightmove or Zoopla.

 

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