Rightmove
{{Short description|UK's largest online real estate portal and property website}}
{{Use dmy dates|date=February 2019}}
{{Infobox company
| name = Rightmove plc
| logo = Rightmove_Logo.svg
| former_name = {{Ubl
| Rightmove Group Limited (14–29 November 2007)
| Rightmove Group plc (2007–2008){{Cite web |date=2007-11-14 |title=RIGHTMOVE PLC overview - Find and update company information - GOV.UK |url=https://find-and-update.company-information.service.gov.uk/company/06426485 |access-date=2024-01-22 |website=Companies House |language=en}}
}}
| type = Public
| traded_as = {{lse|RMV}}
FTSE 100 component
| key_people = Andrew Fisher (Chair)
Johan Svanstrom (CEO)
| industry = Internet & Real Estate
| revenue = {{increase}} £389.9 million (2024){{cite web|url=https://polaris.brighterir.com/public/rightmove_plc/news/html_rns_widget/story/w6oeeqw|title=Preliminary Results 2024|publisher=Rightmove|access-date=28 February 2025}}
| operating_income = {{decrease}} £256.3 million (2024)
| net_income = {{decrease}} £192.7 million (2024)
| homepage = {{URL|https://rightmove.co.uk}}
| foundation = 2000
| location = Milton Keynes, England, UK
| num_employees =
}}
Rightmove plc is a British company which runs rightmove.co.uk, the UK's largest online real estate property portal.{{Cite news|url=https://www.ft.com/content/e06f0092-18a7-11e8-9e9c-25c814761640|title=Rightmove profits rise as more agents move their homes online – UK's largest property listings website boosts customer count and number of listings|date=23 February 2018|work=The Financial Times|access-date=30 August 2018}} Rightmove is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.
History
Rightmove was incorporated on 16 May 2000 and it launched its website, rightmove.co.uk, in July 2000. Rightmove's founding shareholders were Countrywide plc, Halifax, Royal & Sun Alliance and Connells.{{cite news|url=https://uk.news.yahoo.com/rightmove-shares-ceo-steps-down-ftse-111023441.html|title=Rightmove shares crash as CEO to step down after 16 years|date=9 May 2022|newspaper=Yahoo News|access-date=15 February 2023}}
Rightmove was first listed on the London Stock Exchange on 15 March 2006 at which time it became Rightmove plc.{{cite web|url=http://us.ft.com/ftgateway/superpage.ft?news_id=fto031020060333370295&page=2|title=Pricing of IPO values Company at £425m|author=The Financial Times|date=10 March 2006|access-date=4 May 2009|url-status=dead|archive-url=https://web.archive.org/web/20110901005016/http://us.ft.com/ftgateway/superpage.ft?news_id=fto031020060333370295&page=2|archive-date=1 September 2011}}
In 2007 Rightmove bought 67% of Holiday Lettings Limited.{{cite news|url=https://www.mortgagestrategy.co.uk/news/rightmove-acquires-majority-stake-in-holidaylettings-co-uk/|title=Rightmove acquires majority stake in holidaylettings.co.uk|date=28 March 2007|newspaper=Mortgage Strategy| access-date=15 February 2023}} In May 2008, HBOS, one of the founding investors, sold its stake in Rightmove.
{{cite web|url=https://www.independent.co.uk/news/business/news/hbos-sells-13-per-cent-stake-in-rightmove-as-agents-feel-the-heat-830002.html|title=HBOS sells stake in Rightmove|author=The Independent|website=Independent.co.uk|date=17 May 2008|access-date=17 May 2008}} According to Forbes, Rightmove operates on a two-sided model which serves a vast "audience" for property listings on one side and 20,000 advertisers of available properties on the other side.{{Cite news|url=https://www.forbes.com/sites/halgregersen/2017/05/17/behind-rightmoves-extraordinary-growth/#5162534f7d74|title=Behind Rightmove's Extraordinary Growth|last=Gregersen|first=Hal|work=Forbes|access-date=12 October 2017|language=en}}
Peter Brooks-Johnson, who joined Rightmove in 2006, became chief operating officer in 2013 and was promoted to chief executive officer in 2017.{{cite news|url=https://thenegotiator.co.uk/rightmove-ceo-steps-down/|title=Rightmove shares wobble as CEO reveals exit plan|date=9 May 2022|newspaper=The Negotiator|access-date=28 July 2023}}
In May 2016, Rightmove was ranked as the world’s most innovative company by Forbes.{{cite news|url=https://www.forbes.com/pictures/fhid45khgk/no-1-rightmove-plc/?sh=2019621d6fe3|title=Top 25 Most Innovative Growth Companies 2016|date=26 May 2016|newspaper=Forbes}} In August 2016, the company acquired The Outside View, a London based predictive analytics company.{{cite news|url=https://ukbaa.org.uk/blog/2016/08/22/rightmove-acquires-the-outside-view/|title=Rightmove Acquires The Outside View|date=22 Aug 2016|newspaper=UK Business Angels Association}}
In June 2018, the Rightmove tenant Passport was launched.{{cite news|url=https://propertyindustryeye.com/rightmove-unveils-rent-ready-passport-to-help-pre-qualify-tenants-for-agents/|title=Rightmove unveils 'Rent Ready Passport' to help pre-qualify tenants for agents|date=14 June 2018|newspaper=Property Industry Eye}}
In July 2019, the company acquired Van Mildert, which provides tenant referencing services and rent guarantee insurance products.{{cite news|url=https://businesscloud.co.uk/news/property-website-rightmove-in-16m-acquisition/|title=Property website Rightmove makes £16m acquisition|date=26 Jul 2019|newspaper=Business Cloud}}
In November 2019, the company announced the appointment of Andrew Fisher as its Chairman, succeeding Scott Forbes who was in the role for over 14 years.{{Cite news |date=2019-11-22 |title=Rightmove taps ex-Shazam boss Andrew Fisher as its new chairman |language=en |work=Reuters |url=https://www.reuters.com/article/uk-rightmove-chairman-idUKKBN1XW0NX |access-date=2022-05-18}}{{Cite news |title=Rightmove appoints former Shazam boss Andrew Fisher as new chairman |language=en-GB |work=belfasttelegraph |url=https://www.belfasttelegraph.co.uk/business/uk-world/rightmove-appoints-former-shazam-boss-andrew-fisher-as-new-chairman-38715998.html |access-date=2022-05-18 |issn=0307-1235}}
Johan Svanström, a former chief executive of travel booking website Expedia and McDonald's became chief executive officer in February 2023.{{Cite web |title=Rightmove looks outside property sector for new CEO |url=https://www.estateagenttoday.co.uk/breaking-news/2022/10/rightmove-looks-outside-property-sector-for-new-ceo |access-date=2023-06-28 |website=Estate Agent Today |date=23 October 2022 |language=en}}{{Cite web |last=Silva |first=Marc da |date=2022-10-21 |title=EYE NEWSFLASH: Rightmove appoints new CEO |url=https://propertyindustryeye.com/eye-newsflash-rightmove-appoints-new-ceo/ |access-date=2023-06-28 |website=Property Industry Eye |language=en-GB}} His appointment followed the resignation of Peter Brooks-Johnson in May 2022.{{Cite web |last=Koilparambil |first=Aby Jose |date=9 May 2022 |title=Rightmove CEO to leave next year, shares fall |url=https://www.reuters.com/business/rightmove-ceo-peter-brooks-johnson-step-down-next-year-2022-05-09/ |website=Reuters}}
In September 2024, Rightmove's board rejected an informal £5.6 billion takeover offer from the REA Group, describing it as opportunistic and stating that it undervalued the company. REA Group had offered 705p per share, representing a 27% premium. The offer came as Rightmove faced difficulties in the property market and aligned with the Murdoch family’s efforts to expand beyond traditional media.{{cite news|last= Warrington |first=James |title=Rightmove rejects Murdochs' 'opportunistic' £5.6bn takeover bid |date=11 September 2024 |url=https://www.telegraph.co.uk/business/2024/09/11/rightmove-rejects-rupert-murdoch-rea-takeover-bid/ |website=The Daily Telegraph|access-date=11 September 2024}} REA Group abandoned its takeover plan without making a formal offer.[https://www.afr.com/technology/rea-target-rightmove-defiant-in-face-of-12b-fourth-bid-20240930-p5keq5 REA abandons $12b pursuit of Britain’s Rightmove] Australian Financial Review 30 September 2024
Operations
Rightmove makes money from listing estate agents on its website and offering additional advertising products to those agents. The ads are visible to users who search for the area chosen by the estate agent. Individuals selling property privately (i.e. directly without an agent) are prohibited from advertising on the site. Each month, Rightmove release a House Price Index, illustrating any changes in the asking prices of houses throughout England and Wales.{{cite web|url=http://www.rightmove.co.uk/news/house-price-index|title=House Price Index|author=Rightmove|work=rightmove.co.uk|access-date=3 April 2015}}
References
{{Reflist|30em}}
External links
{{Official website}}
{{FTSE 100 Index constituents}}
{{Real estate in the United Kingdom}}
{{Online real estate databases}}
{{Authority control}}
Category:Property companies based in London
Category:Real estate companies established in 2000
Category:Online real estate databases
Category:Property services companies of the United Kingdom
Category:Companies listed on the London Stock Exchange