Rightmove buys tenant referencing firm Van Mildert
Rightmove has bought Newcastle-based company Van Mildert, which provides tenant referencing services and rent guarantee insurance products.
The firm will pay an initial £16m in cash using its existing cash reserves, with a further deferred consideration payable in 2022. This covers the two-year period from January 2020 to December 2021 and will be based on the revenue performance of the business and capped at £4m.
Rightmove said the acquisition would bolster its Rightmove Tenant Passport proposition and it expects the transaction to complete by the end of October.
Rightmove has bought Newcastle-based company Van Mildert, which provides tenant referencing services and rent guarantee insurance products.
The firm will pay an initial £16m in cash using its existing cash reserves, with a further deferred consideration payable in 2022. This covers the two-year period from January 2020 to December 2021 and will be based on the revenue performance of the business and capped at £4m.
Rightmove said the acquisition would bolster its Rightmove Tenant Passport proposition and it expects the transaction to complete by the end of October.
Van Mildert’s founder, Christian Balshan, will continue to lead the team from its Newcastle office.
Peter Brooks-Johnson, chief executive of Rightmove, said: “We believe the combination of Rightmove’s unrivalled reach and Van Mildert’s products and operational experience will augment the Rightmove Tenant Passport, helping in our quest to make renting a property faster, easier and more efficient for tenants, landlords, and agents alike.”
Van Mildert delivered audited net revenues of £3.6m and pretax pofit of £1.4m for the year ended 30 November 2018, both up 19%.
Rightmove reported a 10% increase its operating profit to £108m for the first half of 2019, compared to the same period last year, and a 10% boost in its revenue to £144m, which it said was driven by continued growth in its agency and new homes businesses.
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