Purplebricks has appointed Grant Thornton as its ‘growth adviser’ as the hybrid agency continues to fly high on the London stock exchange.
Purplebricks - backed by star fund manager Neil Woodford - used Grant Thornton's transaction advisory services team to help it list on the exchange’s Alternative Investment Market where its 240m ordinary shares were placed at 100p each based on a market capitalisation of £240.3m on launch day in mid-December.
Now the firm’s shares closed yesterday at 160.00, over five per cent higher in just one day, after several weeks of strong trading and cautious support from some City analysts.
Grant Thornton partner David White will lead its relationship with Purplebricks, which he describes as “a genuine disruptor to the traditional estate agency business model.” His brief from the agency, he says, is to “help take the business to the next level, with access to funding a vital component of that growth strategy."
Grant Thornton will also act as auditor to the agency.
Purplebricks’ chief executive Michael Bruce says of Grant Thornton that "as a fast growing, young company they have been flexible in their approach and commercial in their advice, helping Purplebricks in its aim of transforming the way we sell, buy and let residential property."
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So maybe we should all charge our clients regardless of whether we sell their property or not. The only thing being transformed here is how the house-selling public is being ripped off by such companies as Purple Bricks, despite their flash ad agencies.
Could they also hire a new advertising manager to improve their woeful output on TV? That advert always ensures that I switch over immediately.
Still intrigued that no one talks about the profit and loss of this business. Massive losses last year and see no sign of this equation righting itself. Wonder how long people will love this company when it continues to lose money hand over fist.
I totally get the value and proposition of an online agent and think they have a valuable place in the market but their margins are so tight they cant sustain the massive marketng efforts that only the largest companes engage with hge turnover and profit figures.
Still awaiting an insightful and honest revoew of this company and its offerings as an investment and potential business going forwards.
I think companies like upad and ewemove are taking a must wiser approach from a business perspective.
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