Rightmove in line for £150m float

PROPERTY website Rightmove is considering a £150m float in a move giving investors a slice of one of the few success stories among internet businesses. The group has hired former Cendant director Scott Forbes as executive chairman to oversee the likely float of the business, set up in 2000.

Brokers have not yet been appointed but a beauty parade will start shortly following his arrival.

Rightmove is Britain's biggest property website, showing details of homes for sale by 7600 estate agency branches across the country.

The giant Countrywide estate agency chain owns 30% of Rightmove, as do HBOS and Skipton Building Society. The remaining 10% is held by Royal & SunAlliance.

Pre-tax profits came in at £2.3m for the year just ended against £1m a year earlier. Turnover was £9.2m.

Rightmove is hoping to see future growth in providing home information packs, detailed assessments of properties which sellers will have to compile for buyers from 2007.

Forbes built up Cendant's European business and will work closely with Ed Williams, current Rightmove managing director.