Online estate agency easyProperty and GPEA, the parent company of the Guild of Property Professionals and Fine & Country, are to merge.
The link-up, expected to complete by the end of June, will create a new company, e-Prop Services. Jon Cooke, executive director of the Guild and Fine & Country, has been appointed chief executive of the new entity.
easyProperty operates under licence from Sir Stelios Haji-Ioannou’s easyGroup and allows people to sell their homes online without using a conventional estate agent and without paying commission.
The intention of the merged company is to offer additional fixed-price online sales and lettings packages to estate agents, alongside the traditional commission model. easyProperty’s online packages will be offered to GPEA’s 5,000 staff through a monthly technology licence under the “easy” brand.
Cooke said: “This deal allows our member agents to offer more consumer choice with sales and lettings products catering to both the do-it-yourself and the do-it-for-me vendor and landlord preferences.
“We recognise the market requires and demands both online products and traditional methods. This newly merged business is the convergence of traditional estate agency and online.”
“e-Prop Services will provide sales and lettings solutions across the property market – from the high-end brand of Fine & Country to the affordable, volume-market brand of easyProperty.”
Shareholders of the enlarged group, whose holding company is will be e-Prop Services Plc, include funds managed by Toscafund Asset Management, GPEA shareholders and easyProperty’s original investors and founders.
easyProperty founder and former chief executive Robert Ellice will remain with the company.
GPEA’s shareholders were advised by Hamlins; e-Prop Services Plc retains K&L Gates as its legal advisers.
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