Property management platform faces administration

Tue, 25 Feb 2020 | ADMINISTRATION

The parent company of UK property management startup Hostmaker has filed notice of intention to appoint administrators.

Flying Jamon Limited filed the notice with the High Court, giving it until next month to keep Hostmaker afloat.

Hostmaker was founded by former hotel industry strategist Nakul Sharma in 2014. It raised £23 million from investors in two funding rounds, allowing it to expand from London to France, Spain, Italy, Portugal and Thailand.

The company provides homeowners with services including cleaning, concierge and photography for online property listings on sites such as Airbnb.

It offers property owners and landlords the opportunity to let out properties via its digital platform, with Hostmaker outsourcing and managing each booking.

Investors are reported to include Thai property developer Sansiri and Hong Kong real estate investor Gaw Capital.

Hostmaker is reported to have generated sales of £17 million across 2017 and 2018, leading to losses in excess of £20 million over the last three years.

Its most recent accounts from 2018 show that Hostmaker spent £9.9 million and had turnover of £12 million. However, administrative expenses amounting to £16 million led to it making a £14.3 million loss.

The notice of intent filed by Flying Jamon Limited gives Hostmaker ten days to resolve its issues with creditors. Hostmaker says it is in talks with several investors.

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