Russell Quirks’s online agency is today looking for its future.

Emoov, which now includes Tepilo and Urban, was last night said to be up for sale, but with sources predicting to EYE that former Daily Express owner Richard Desmond, who is the biggest backer of Emoov with a large minority stake,  could pre-pack the business, come out owning the whole thing and then sell it on.

Founder Russell Quirk was last night silent but sources said that the business was in a precarious position and suggested that the rug has been pulled.

Our sources said that despite recent fund-raising, there was not enough money to run the business, and that the chief investor had “shrugged their shoulders and folded their arms”, with £5-£10m needed immediately to keep going.

Tepilo, part of the deal, was founded  by TV property presenter Sarah Beeny, who is still an investor.

The source said: “They have hung us out to dry.”

Another source told us last night that Emoov is “completely screwed”.

Quirk had been planning to float Emoov. In the summer of 2017, Emoov raised some £9m in funding, valuing the business at £40m. It is less than four months since Emoov completed a merger with Tepilo and Urban, which resulted in Desmond’s stake in the new entity.

Another investor is Channel 4’s Commercial Growth Fund, which provides free airtime in return for equity stakes.

Separately yesterday, Purplebricks shares sank in price to finish the day at 177.7p. The misery was not confined to the online sector with Countrywide’s shares dipping below 10p for the first time, although finishing at around 10.5p.