Rightmove founder to retire with £50m fortune

The co-founder of the property website Rightmove, Ed Williams, has announced his retirement from the business he launched only 12 years ago, having amassed a fortune of more than £50m.

Mr Williams has no plans to move into other spheres of business, having seen Rightmove grow from a £425m company when it floated on the stock market in 2006 to one valued at £1.7bn now. Over the same period the share price has risen from 335p to 1,585p.

In an email to staff, Mr Williams said: "I've just turned 50. When our youngest child goes to college in a couple of years' time my wife and I want to travel, and in between now and then there are quite a lot of things that I have started doing more of over the last year or two and that I want the time to do much more of, including building my vegetable and fruit garden and working with the Ellen MacArthur Cancer Trust."

He is handing over to his co-founder, Nick McKittrick, who is currently chief operating officer and finance director.

Mr Williams and his wife have sold shares worth £18.2m over the last 14 months, but he still owns shares and share options worth £34.3m.

In its first year, Rightmove received 10 million page visits a month. Last month it had 713.6 million page visits.

"Having the opportunity to take Rightmove from little more than an idea 12 years ago to what it is today has been a privilege" Mr Williams said. "The central role Rightmove has come to play in helping people find their next home is a tribute to the efforts of many people over many years."