Purplebricks Share Discussion Threads

[kreature] 23/2/2023 18:48

Gina doesn’t sound too happy on TrustPilot tbf

[kreature] 23/2/2023 17:25

So how much money is left in the bank, in reality ?

[agentlets] 23/2/2023 14:35

You can get a DIY service for around £100.00 who do pretty much what purplebricks do (or don't do more to the point). Connells will definately have a release clause in their contracts, they brought Countrywide a few years back and they charged for absolutely everything, even marking up contactor fees by 10/15%

[kreature] 23/2/2023 10:04

DIY due to lack of service ? Okay fair enough I guess.

I hope Connells don’t charge £600 for landlords showing them the door? I’ll be giving them their marching orders soon

[agentlets] 23/2/2023 08:34

Most companies have a termination clause within their contracts to make sure a customer doesn’t leave early on and you being out of pocket with the upfront costs. I don’t see the point in holding an unhappy customer to a contract. Let them leave and move on but the big boys don’t work that way.

[kramreklaw] 23/2/2023 05:05

Not sure when Kreature will realise that signing people up, sticking it on Rightmove and then leaving people to it is DIY, especially the ability to press a button to relist their own property after a marketing break, complete with expired EPCs etc.

[kreature] 23/2/2023 04:04

Not sure when estate agents will realise that PB is not “DIY”

[kreature] 23/2/2023 03:28

Upsetting reviews sometimes imv…….do any of you guys charge £600 to end a contract ?

‘ Unfair Treatment
I am a landlord who uses Purplebricks. I was informed yesterday that my management fees, for a fully managed service, will basically double effective 1st March 23. What I was paying before the increase was the market rate which all the other agents seem to charge. When I said I will have to move the management to a new agent they tell me that there is a £ 600 termination clause. They seem to think that if they double the charges then they either have double the income going forward or if the landlord cannot/won't pay they will collect a £ 600 termination payment. I now need to evict the tenants to avoid their charges and when I told them that was my only option due to the costs they are proposing they said that was fine. They seem to have no problem with a tenant having to move because of their new charges. I wouldn't of thought it was legal to change the terms of the contract and then expect that the termination charge still applies.
Date of experience: 21 February 2023 ‘

[tomboyb] 21/2/2023 12:58

Bought in the 7s just in case of a bid -

[kreature] 21/2/2023 12:30

I would be happy to chip in for the brand. As long as I can pay later by dumping their office equipment and cars ?

But the cynical might say that a new owner was chosen months ago

[tomboyb] 21/2/2023 12:27

Very cheeky -

I think someone could bid for the brand -

[kreature] 21/2/2023 12:19

‘ Purplebricks share price plummets as former agent makes £1 takeover offer’



‘ 3. The customer will not come first. Agents in the field will, closely followed by the customer.’

Hmmm, I’d keep that one quiet. Did you say you were ex PurpleBricks ? And customer comes second yeah? Apple…..tree….not far

[kreature] 18/2/2023 11:48

So looks like a ‘squeeze out’ of minority unwashed shareholders to me. How many more are there owning 2% ?

[kreature] 18/2/2023 11:12

Major shareholders over 3%
Pindar 5.42%
Lecram 5%
Hargreaves Lansdown 5.69%
Momentum Global 6.7%
JNE 10.96%
Axel 26.53%
Inflection Point 4.78%
Baillie Gifford & Co 3.08%
Interactive Investor 3.32%
UBS 3.11%
Total…..74.59%

19th Dec Resolution Vote against removing chair
71.71%

[diku] 18/2/2023 10:19

Because since Covid all this working from home is farcical...once upon a time many moons ago before the era of computers, mobile phones, ipads, social media etc etc people actually put in a proper days's work...not any more...they are more interested in looking at their mobile phones at every opportunity...technology might have enriched us in some ways but completely distorted quality work ethics in other ways...

[kreature] 18/2/2023 02:16

Is no-one covering the night shift in the reviews department ? Three negatives in a row

[kreature] 17/2/2023 23:32

C21m. Would that include the 7.3m tax bill from ye 22 ? And the Current Liabilities detailed in the Interims ? Given they just don’t say what remaining cash is today, and given the review, I would take a guess at cash being a lot less than £21m y/e

[tuna hunter] 17/2/2023 21:58

the rns today implies at financial year end cash would be c£21m if they make losses of £20m (higher end)

[tuna hunter] 17/2/2023 21:17

"But Purplebricks maintained that the business and brand has “significant value”, and that it may be better off under different owners."


would be mega ironic if they are unable to find a buyer themselves, when they are self acclaimed experts at connecting buyers and sellers.

[kreature] 17/2/2023 16:09

Yes, could be a long delay selling the business while they try to get in touch with themselves

[diku] 17/2/2023 14:14

They need to put a For Sale board outside their offices...and then put it online with a price...



But Purplebricks maintained that the business and brand has “significant value”, and that it may be better off under different owners.

It said in a statement: “The board recognise that the potential of the group may be better realised under an alternative ownership structure, and has, therefore, decided to conduct a strategic review of the group’s business with the aim of delivering maximum value for shareholders.

[adrian j boris] 17/2/2023 14:03

AOL.

Purplebricks eyes sale after slashing costs and warning of losses

Press Association

Anna Wise, PA Business Reporter

17 February 2023, 1:01 pm

Online estate agent Purplebricks could be up for sale itself after revealing its turnaround plans have been costlier than expected and it is set to sink deeper into a loss this year.

The platform, which connects buyers, sellers and landlords with property experts, has been steaming ahead with a turnaround plan in efforts to slash costs and return to a profit.

The firm already has a redundancy programme in place and had managed to make initial savings by reducing the numbers of staff working across the business, closing offices and cutting the marketing budget.

It said on Friday it has identified a further £4 million of annual cost savings since announcing a new £17 million target in December.

But it warned investors that its actions have caused more disruption to sales than it initially thought, in efforts to bring down costs and make the business more efficient.

As a result, the group has taken a hit in one-off costs of around £1.2 million since November.

It told investors it expects to see full-year revenues of between £60 million and £65 million for the year to April 30, and adjusted operating losses of between £15 million and £20 million.

It comes after it reported adjusted operating losses of £8.4 million for the six months to October 31, the first half of its financial year, which was ten times bigger than the £800,000 in losses it reported the previous year.

Shares in the business tumbled by around a fifth on Friday, following the announcement.

But Purplebricks maintained that the business and brand has “significant value”, and that it may be better off under different owners.

It said in a statement: “The board recognise that the potential of the group may be better realised under an alternative ownership structure, and has, therefore, decided to conduct a strategic review of the group’s business with the aim of delivering maximum value for shareholders.

The review “may or may not result in a sale of the company”, it said.

Purplebricks said it is not currently in talks with any potential buyers nor has it received any offers.


Housing market

A view of the money pit, a piece of 3D art commissioned by Purplebricks intended to represent the amount of money people waste on commission with high-street estate agents when selling property, High Street Birmingham (Fabio De Paola/ PA)

Helena Marston, the chief executive officer, said: “We have undertaken a huge amount of work in the last nine months to improve our sales business, raise standards, establish Purplebricks Financial Services, and stabilise lettings, all of which means the company has never been in better shape for the future.

“Yes, the actions we have taken have caused more short-term disruption to our third-quarter performance than anticipated, but we remain confident in returning to positive cash generation in the early 2024 financial year.

“We recognise that our upside potential is not currently reflected in our market valuation, which is why the entire board has therefore concluded that a strategic review is now in the best interests of all shareholders.”

Purplebricks’ share price has more than halved over the past year as it revealed widening losses.

One of its shareholders, Lecram Holdings, which has a 5.16% stake in the business, hit back at the group’s plans for a sale.

Lecram said in a statement: “It is regrettable that the lack of relevant experience at the helm of Purplebricks, which we highlighted last June, has led the company to arrive at this unfortunate juncture.

“We are calling for a swift conclusion of the strategic review and, should it not lead to an acceptable offer for the company, that the chairman immediately stands down and the board, in consultation with us and other shareholders, brings in someone with the knowledge and capability to guide Purplebricks back to profitability.”;

Lecram has previously criticised the company’s leadership and lack of financial improvement. It has campaigned for the removal of Purplebricks’ chairman, Paul Pindar, and the appointment of Rightmove and Countrywide founder Harry Hill as a director.