Associated New Ventures, the venture division of DMGT's Associated Newspapers, has announced the purchase of Find a Property, a key online property classifieds site, for UKP 13.8m. The business had worked a UKP 6 million management buyout in June this year with UKP 2.8 million of this coming from Barclays Ventures. The UK bank's venture arm benefited hugely from this recent deal, recovering their stake and making an extra UKP 5 million. Find a Property claims to be the third-placed property classifieds site in the UK. Certainly it is one of the pack of players (led by Fish4Homes) who trail behind the market leader RightMove. Following DMGT's purchase of Jobsite earlier this year and its ownership of Loot, this deal underlines the group's determination to become a major classifieds player. The management will be retained by DMGT and the business will run as a standalone subsidiary of Associated.
Source
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2004/11/11/cnbvent11.xml&sSheet=/money/2004/11/11/ixcity.html http://www.netimperative.com/news/2004/11/11/Daily_Mail_property
Related companies
Associated Newspapers Limited
Jobsite UK (Worldwide) Limited
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