OnTheMarket offers Golden Handcuffs to Senior Staff

June 22, 2022
Share this Post: 

OnTheMarket has granted its four most senior officers a set of ‘golden handcuff’ share options worth more than £360,000 a year after revealing increased profits.

The incentivised candidates are the three ‘C-suite’ members Jason Tebb, Clive Beattie and Helen Whitely—and Product and Technology Director Morgan Ross.

The same four directors were given a total of just over a million shares in August 2021 as part of a deferred benefit scheme, denying them the ability to cash in on the shares immediately.

The latest shares will ‘vest’ in two-three years time, at which time they can be exercised. Each officer will need to stay with OnTheMarket until the shares materialise to benefit.

OnTheMarket is one of the UK’s big three portals (with Rightmove and Zoopla)—but differs from its main competitors due to being agent-backed and agent-owned.

During the 12 months to 31 January this year, OnTheMarket’s profits rose by 13% to £2.7 million and revenues increased by 32% to £30 million, although after its payments to shareholders – most of whom are agents – it made an operating loss of £600,000.

Share prices (at the time of writing) are £0.84 per share, a 35% decrease YTD:

Onthemarket Share Price Ytd June 2022

Source: Google Finance

 

Meanwhile, OnTheMarket has also announced the launch of its new podcast, called OnTheRecord.

The podcast will be presented by Jason Tebb, who will speak with ‘leading figures’ in the property sector with a view to sharing ‘unique insights’ in the industry, including the latest market trends.

Tebb said:

“We’ve chosen to launch our first ever podcast at a time when estate agents have a rapidly increasing number of PropTech solutions to choose from – from marketing properties and nurturing leads or engaging with clients, to transactional tools and data solutions.

Season one will launch in July 2022.

June 22, 2022
Harvey is an experienced property journalist and copywriter. He has written about the property industry since 2015, starting at The Property Franchise Group in the UK, before moving to Spain to work for Spotahome. He has blogged for the private rented sector, ghostwritten for UK property experts and written case studies for franchise owners around the UK. Harvey joined Online Marketplaces as a News Editor in 2022.

Subscribe to our mailing list to get the famous, free Friday newsletter!

News and analysis to help build better online marketplace businesses, in your inbox, every Friday

Related News

Shutterstock 1958725735
Spotahome Tells Staff That It Expects Another Round of Layoffs

Madrid-based on-demand rentals specialist Spotahome has announced it will go through another round of layoffs, weeks after firing two senior...

Read More
Homely And Ptg Skyline
Aussie Portal Homely Integrates with Proptech Group's VaultRE and Eagle CRMs

Australian challenger portal Homely.com.au says it will be easier than ever for agents to list in more places after announcing...

Read More
Jason Tebb Onthemarket Quote
Jason Tebb: "I dread to think where prices from the others would be if we hadn't been around" - OnTheMarket Boss Speaks Exclusively to OnlineMarketplaces.com

In an exclusive interview with Online Marketplaces, Jason Tebb admitted that OnTheMarket's mission was not to go after Rightmove... Since...

Read More
Urban.com .Au Image
CarSales Founder Steve Kloss Invests in Urban.com.au and Gets Board Seat

The Australian primary real estate marketplace company Urban.com.au has secured investment from CarSales.com.au founder Steve Kloss. Kloss joins the portal's...

Read More

Editor's Pick