Property web portal Funda Ireland, which last year acquired the Irish Auctioneers and Valuers Institute’s (IAVI) www.realestate.ie
Under the original agreement the IAVI stood to earn a further €5m over a 10-year period based on the performance of the joint venture with Dutch property player, Funda.
Funda Ireland and the Funda.ie website only began operating in Ireland in January of this year.
The company says the decision to wind down Funda Ireland was take following a major review of business strategy in the last two months.
Funda says that after detailed analysis of the market and competitive conditions in Ireland it was decided that the market leading position required to make the business financially viable could not be achieved within the timeframe it targeted.
The company’s parent, Funda NV estimates it could realise higher returns from investment in new opportunities in its established markets.
“I would like to pay tribute to the company’s employees who worked tirelessly to implement our business plan and helped the company become one of the country’s top three online property websites within months of its launch,” said Funda Ireland chief executive Ronan Higgins
The Funda.ie website will remain active in the short term to minimise any inconvenience, the company said.
Two of the six staff in Funda Ireland have been offered positions with Funda NV in Holland.
By John Kennedy
