Ian Springett has been given notice to leave OnTheMarket, the portal announced this morning to the stock market.

A statement to the London Stock Exchange said:

“OnTheMarket plc, the agent-backed company which operates the OnTheMarket.com property portal, today announces that it has given notice of termination of employment to Ian Springett, Chief Executive Officer, with immediate effect.

“The Board has appointed Clive Beattie, Chief Financial Officer, as Acting Chief Executive Officer. Korn Ferry, a leading executive search consultancy, has been appointed to conduct the formal recruitment process for a permanent replacement.”

OnTheMarket also issued a trading  update this morning, saying that its revenues for the year to the end of January were slightly above the £18m guidance previously given.

As at January 31, OTM had net cash of £8.7m.

Christopher Bell, chairman of OTM, told the London stock exchange: ” On behalf of the board and all our colleagues I would like to thank Ian for his hard work and commitment over many years. He has played a major part in helping establish OnTheMarket.com as one of the UK’s leading residential property portals and we wish him every success in the future.

“Our commitment to building a strong, agent-backed, profitable and technology-enabled business remains undiminished.  However, to continue our progress toward this objective and take OTM forward through the next phase of its corporate development, the board believes now is the right time to appoint a new chief executive. 

“The board remains very confident in the prospects of OTM and its potential in capitalising upon its substantial growth opportunities.  We have built a talented team and we will continue to ensure that we provide innovative, affordable and valuable solutions to meet our customers’ changing needs.”