OnTheMarket says its time for agents to pay up the £6.8m in unpaid subscriptions

OnTheMarket has recently announced to its shareholders that it is due time agents pay up their contractual fees which, together, amount to £6.8 million.

The latest annual report reveals: “The group has a number of customers who are not paying their contractually committed listing fees.

“The majority of these chose to breach the One Other Portal rule in their listing agreements and their properties were removed from the portal some time ago.

“Under IFRS 15 [a financial reporting standard regarding contracts with customers] these amounts are not recognized as revenues.

“It is the intention of the company to engage with these customers in due course, to seek either payment of both fees outstanding and further fees as they fall due or to reach a compromise position such that historic debts are held in abeyance and potentially waived in the future in return for entering, and honouring, a new long-term listing agreement with the company.

“As at 31 January 2019, net unrecovered cash amounted to approximately £6.8 million.”

The annual report also shows that salaries and fees paid to directors were £793,000 last year, compared with £535,000 in 2018.

With effect from February 1, 2018, CEO Ian Springett’s salary went up from £170,000 to £250,000.

Commercial Director Helen Whiteley’s salary went from £170,000 to £200,000, and Chief Finance Officer Clive Beattie’s from £170,000 to £190,000.

No bonuses were paid – the previous year, the bonus figure was £81,000.

Read more here

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