The team has been led by Mark Riddick. The Conveyancing Channel is a licensed provider of the National Land Information Service.
The deal, which has been effected by the formation of a new limited company called PropertyFlow, was funded by Barclays Ventures and Management. Barclays Ventures will hold a substantial minority share in PropertyFlow. As part of the deal, PropertyFlow has acquired the Property Search Agency Ltd (PSA) by means of share exchange.
The existing SearchFlow management team is strengthened through its re-combination with Property Search Agency and the addition of two new directors – Bob Fairchild as Chair and Rob Pimenta* as Finance Director. They will join Mark Riddick (CEO) and David Lock (non-executive Director) on the PropertyFlow Board.
SearchFlow will now become the trading name of the PropertyFlow group. SearchFlow has grown from start-up to £28m turnover within 3 years.
The former majority shareholder in The Conveyancing Channel – ESRI (UK) Ltd - continues to support the business as a supplier of hosting, technical and consultancy services.
Mark Riddick comments: “SearchFlow is a fantastic service with a very bright future. We have become market leader by understanding and providing our customers with the service they want. This deal will allow us to do this better.”
Jeremy Morgan, Investment Director Barclays Ventures explains: “PropertyFlow is an exciting business run by a high quality management team. We believe the business will continue to benefit from the increasing use of the Internet in the property purchase process and expect substantial growth opportunities in the short term."
Peter Paisley, Managing Director of ESRI (UK) concludes: “SearchFlow has been a truly pioneering project. ESRI (UK) is delighted to have played its part in creating a very successful business and is pleased to see the existing management team now take the venture on further.”
