Purplebricks is looking for further expansion and has appointed accountancy and business consultant Grant Thornton as its auditor, tax and growth adviser.
Purplebricks floated in December on AIM, raising £25m. Grant Thornton worked with Purplebricks on the listing.
The firm’s partner, David White, will lead its relationship with Purplebricks.
White said: “Purplebricks is a genuine disruptor to the traditional estate agency business model and experienced a period of rapid growth in its first 18 months.
“The directors were therefore looking for a team of advisers who could work alongside them and help take the business to the next level, with access to funding a vital component of that growth strategy.”
Purplebricks’ chief executive Michael Bruce added: “Grant Thornton have provided myself and the board with wise counsel and proved to be a valuable sounding board to various discussions around our growth strategy.
“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.”
Yesterday, Purplebricks shares finished the day at 161p, up almost 6%. At one stage yesterday, the shares hit 162.5p, in contrast to their launch price in mid-December of 100p.
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Comments (7)
So it’s kind of admitting that it’s a pyramid scheme……
Time is soon to run out. The business model in its current form is valueless in real terms and could easily go like many other dotcom business do everyday. Its returns do not come anywhere near the amount of investment being put in? and sooner or later that day will arrive when its dividends (if any) will need to be paid from profit and not from new investors. They have got themselves into a situation where the stock broker needs to pass the tipping point to survive and as much hype and professional assistance then can get is their only way forward. I would not be surprised to see further Public Relations push for more investment to survive, while the returns remain vastly well behind? All is a gamble?
So the more hot air you can provide the higher the balloon will rise.
Methinks there is a lot of hot air being generated around this company just now.
Excuse the URL but for those unfamiliar with the Great Hargeisa Goat bubble here it is.
http://www.juliangough.com/the-great-hargeisa-goat-bubble/
Some one inform the Oxford dictionary that purple bricks are now changing the meaning of words.
On it…., I found the following: expansion, disruptor, rapid, transforming, fast-growing.
Loved this line,,,,,,,,,,,,,,, ‘“The directors were therefore looking for a team of advisers who could work alongside them and help take the business to the next level, with access to funding a vital component of that growth strategy.”
Clearly I wont need to tell the Oxford Dictionary they have changed the meaning of the word ‘VITAL’, as above …
Still not sure how ‘local’ can mean not local and trustpilot shouldnt let them put reviews from customers who have just put their property on the market. Of course they are happy,,for a few months anyway