Property website Rightmove makes £16m acquisition
Property website Rightmove has acquired Van Mildert, which provides tenant referencing services and rent guarantee insurance products.
The £16 million deal was revealed as Rightmove also announced 10 per cent growth in both revenue and profits.
Revenues hit £143.9m while operating profits were £108.2m for the six months ended 30th June.
Rightmove said Van Mildert has a ‘strong brand and is well positioned within the rental marketplace’.
Its founder Christian Balshan will continue to lead the team from its Newcastle office.
“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,” said Peter Brooks-Johnson, CEO of Rightmove.
Van Mildert generated revenues of £3.6m and profit before taxation of £1.4m for the year ended 30th November 2018, both up 19 per cent on the previous year.
Rightmove said it anticipates FCA approval for the deal by the end of October.
Rightmove recently announced that its chairman of 14 years Scott Forbes is to stand down next year following a shareholder revolt.