Spicerhaart chief executive Paul Smith says it will develop a new innovative virtual estate agency business in partnership with Tesco who will be the main distribution partner.
A Tesco spokesman adds: “We have been reviewing our internet estate agency for some time and exploring ways in which we might be able to bring more value and choice to home movers. This has involved us talking to others in the industry and we are now in the final stages of negotiations for a deal to sell TPM to Spicerhaart.
“TPM and Spicerhaart will develop a new and comprehensive on-line estate agency service and this will be available to our customers at Tesco.com. Further details will be announced in due course.”