Tuesday, June 22, 2010
Rightmove chairman sells £8 million of shares
Reports today that Ed Williams, the founding MD of Rightmove, has sold just under £8 million of shares in the company. This represents around half of his holding.
My feeling is that this is indeed the right move for Mr Williams as it (coincidentally?) coincides with the ratcheting up of the marketing for the Google property portal.
Rightmove is such a dominant force in the UK residential property scene that I can't see it being knocked off its' number one perch for a while. However, I certainly can see a seismic shift in the medium term and much will depend upon the appetite of Google and what size slice of the pie it wishes to consume.
Andrew Barber and his team at Revolution:PR have written a most interesting article on this whole debate and you can read their thoughts here.
Meanwhile if Mr Williams is looking for a safe haven for his £8 million there are one or two decent investment properties around the Cognac area that look a better bet than the volatile stock market or the over-valued UK property arena.