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PURP Purplebricks Group Plc

0.31
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Purplebricks Group Plc LSE:PURP London Ordinary Share GB00BYV2MV74 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.31 0.28 0.34 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Purplebricks Group PLC Director Change (1538E)

04/05/2017 7:01am

UK Regulatory


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TIDMPURP

RNS Number : 1538E

Purplebricks Group PLC

04 May 2017

04 May 2017

Purplebricks Group plc

Director change

Purplebricks Group plc ('Purplebricks' or 'the Company') announces that Neil Cartwright, Chief Financial Officer, is to step down from the Board and will leave the Company due to ill health.

The Board is pleased to announce that James Davies, most recently Chief Financial Officer of William Hill Online (the digital business of William Hill PLC) has been appointed to the role of Chief Financial Officer with effect from 4 May 2017. Neil will leave the Company on 30 June 2017 in order to help facilitate a smooth transition.

Prior to William Hill, James held the position of divisional CFO at Kingfisher plc and previously was for three years employed as the deputy to the Group Finance Director of UBM plc. Before this James spent five years in UK M&A at Deutsche Bank and eight years in the Tech team at Close Brothers.

Commenting on the announcement, Paul Pindar, Chairman stated:

"On behalf of the Board I would like to take this opportunity to express our deep gratitude to Neil and our very best wishes for his full recovery. Neil has been with Purplebricks since the start of 2015 and has played a significant role in its rapid growth and success to date, including steering the Company through its IPO in December 2015 and its recent fund raising for US expansion.

I would also like to take this opportunity to welcome James to the Board. James' broad international experience in consumer brands, technology and capital markets, will prove invaluable as we continue our rapid evolution."

Commenting on the announcement, James Davies, stated:

"Purplebricks has in just three years led permanent change in the estate agency industry and notwithstanding its rapid progress to date, the future opportunity is compelling. I am delighted to be joining the Company at such an exciting time in its evolution and look forward to helping it manage the growth and realise the global opportunity."

Save for the information disclosed below, there are no further disclosures to be made in accordance with Schedule Two paragraph (g) of the AIM Rules for Companies in respect of James Davies.

James Davies holds one active directorship in the following company at this time.

Company

Unitlease Residents Management Limited

James Davies has held directorships at the following companies in the last five years:

Company

WHG International Services Limited

WHG Trading Limited

Kingfisher Holdings Limited

United Finance Limited

Crosswall Nominees Limited

UNM Investments Limited

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

Enquiries:

 
 Purplebricks                    +44 (0) 20 7457 2020 
 Michael Bruce 
 
 Zeus Capital (NOMAD)            +44 (0) 20 3829 5000 
 Nicholas How, Ben Robertson, 
  Mike Cuthbert 
 
 Peel Hunt (Broker)              +44 (0) 20 7418 8900 
 Dan Webster, Adrian 
  Trimmings, George Sellar 
 
 Investec (Broker)               +44 (0) 20 7597 1234 
 Keith Anderson, Carlton 
  Nelson 
 
 Instinctif Partners             +44 (0) 20 7457 2020 
 David Simonson, Mark 
  Reed, George Yeomans 
 

Notes to Editors

Purplebricks is the leading next generation estate agency in the UK, combining highly experienced and professional Local Property Experts and an innovative use of technology to help make the process of selling, buying or letting so much more convenient, transparent and cost effective. Purplebricks is transforming the way people perceive estate agents and estate agency. Building on its UK success, Purplebricks launched into Australia in August 2016 and in February 2017 announced plans to enter the US market.

Unlike traditional agents, where customers only pay upon the sale of the property, which effectively means that those that do sell pay more in order to cover the costs of those that do not sell, Purplebricks believes it is more equitable that everyone should pay, charging a flat fee at instruction. This helps to avoid the industry issue of timewasters and those that are merely 'testing the water' and underpins the low, flat fee model.

Customers can chose to pay at instruction or defer, at no extra cost, to the earlier of ten months from the date of instruction or the date of sale. If a customer wishes to defer payment, they are required to use Purplebricks' conveyancing services for the sale.

Purplebricks charges GBP849 (inc.VAT) for a sale anywhere in the UK other than in London and surrounding areas where there is a charge of GBP1,199 (inc. VAT). There are additional charges if the customer wants Purplebricks to undertake the viewings on their behalf, if they require an energy performance certificate or a Rightmove premium display, amongst other services that

are available.

The business model is low cost, flexible and cash generative, without the need for an expensive leased estate. LPEs are self-employed and receive a flat fee per instruction and can earn additional fees from the sale of ancillary services including but not limited to conveyancing, mortgage referrals and insurance.

Purplebricks listed on the Alternative Investment Market (AIM) in December 2015, raising GBP25.0m of growth capital before listing costs at 100p per share. In February 2017 Purplebricks raised an additional GBP50m (gross) through a share placing to fund US expansion.

This information is provided by RNS

The company news service from the London Stock Exchange

END

BOASSLSILFWSEEI

(END) Dow Jones Newswires

May 04, 2017 02:01 ET (06:01 GMT)

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