In 2000 some 200 estate agents decided to invest £11m in this web-based business, which advertises residential and commercial property in Britain and abroad. Agents load details of properties for sale using Primelocation’s own technology platform. The company’s revenue comes from monthly subscription fees and from selling advertising on its website. Senior managers, including chief executive Ian Springett, now own 25% of the shares, with the rest held by the estate-agent investors. Sales have grown 57% a year from £1.9m in 2002 to £4.7m in 2004, as the number of subscribers has risen 40% to a total of 1,800 agents.
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