A TR-1 Standard form of notification of major holdings in relation to Purplebricks Group PLC published at 1800hrs yesterday evening (6th April) by the Stock Exchange Regulatory News Service (RNS) indicates that Toscafund Asset Management LLP appears to have disposed of a signifcant proportion of its 9.8% holding, resulting in a holding ‘below reportable threshold’.
This follows an earlier cut in its holding from 12.8% as reported in EYE on March 23rd.
https://propertyindustryeye.com/speculation-as-major-shareholder-cuts-its-stake-in-purplebricks/
Purplebricks declined to comment on the latest disposal.
I take it their 10 months was up then…
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…and like the vast majority of Purplebricks customers, Toscafund left with their tail between their legs wishing that they’d gone with a traditional agent rather than throwing their money down the drain on this very expensive experiment. The end.
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“wishing that they’d gone with a traditional agent rather than throwing their money down the drain”
a traditional agent like Countrywide perhaps?
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Good one. You’re new here, aren’t you?
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…like rats from a sinking ship.
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Lol..one of my all time favourite sayings !
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I don’t deliberately post contrary stuff but consider this. Axel Springer now have a platform that would enable 3500, genuinely local, genuinely expert franchisees to operate a local patch they know very well and are known in very well.
Just suppose the COVID contraction of the industry leaves 1:6 branch managers without a job to return to and 1:6 senior negs or viewing negs in the same boat. It is very possible to see an operation based on the Ewemove methodology becoming a very credible and viable phoenix to emerge out of purple embers
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I doubt it Robert. I think what this pandemic has shown people is how important it is to have a safe secure employed role.
For those sadly losing their jobs, if they cannot get a new employed role I would think they will leave the industry rather then take a massive punt on a self employed role where all they will do is incur massive debt.
Axel Springer will take it private in the very near future is my guess.
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My experience of MIRAS redundancy is that despite the limited opportunities for employment I moved to a new area, walked into an agency and rented a desk for 4 years and although things were tight as hell I continued to do what I knew.
If Axel Springer do take it all in house I can forsee it becoming a very different beast, and if that includes a succession model things could get very interesting indeed.
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You are a motivated individual Robert who believes in himself with the skills to back it up. The mistake you are making is you assume all other individuals are also …… You are the 1% the 99% will be too afraid, not skilled enough or sunk by debt.
How much have you heard from EXP / KW reps over the last month? practically nothing. Many no doubt kicking themselves they left steady employment.
Does not stop the polished Nicky from F&C, Adam Day or RQ saying what an amazing opportunity this is. All they are doing is recruiting, their offerings are pitiful when you dig down.
Yes there are opportunities, yes some will do well but it will not be a seismic shift to the self-employed route some think. it will be circa 1999 when tighter regulation came in on financial services … Mass exodus of experience individuals saying “Enough is enough” either retiring or leaving the industry.
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Axel are first and foremost a publishing/media company with a heavy focus on classified advertising . I can’t imagine they have any interest in becoming an estate agency.
I’m sure their only interest was to create a kind of ‘walled garden’ version of Rightmove along with access to the valuable media audience and data that that goes with that.
Toscafund withdrawing will not sit well with the market and could signal that the game is finally over.
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they wouldn’t be estate agents they would be a media platform that could quite easily pop up to serve an industry that has fallen out of love with Rightmove.
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Still not the worst fund out there.
They didn’t invest in eMoov – the worst company to ever call itself a property-tech, where the only “tech” was RQ’s ability to fool others when the ship has already sunk
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Countrywide form 600p to 1.25p in 5 years takes some beating
Tosca, I suspect bought in the expectation that Axel will make a move and having paid a £1 per share re to the Bruces ,the stock market wouldnt allow them to pay less .
Unfortunately for Tosca it is only a couple of months til those handcuffs are removed. At todays price of 38/39p its safe to say that should Axel be interested they would win the day for a lot less than a £1
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So, Tosca throw in the PB towel, that in turn signals investors to lift RM share price approaching 10%, altho’ its early in the trading day.
If we shake RM down we find that it is underpinned by its “subscribers/Agents” who are shareholders of sorts ……..the “funds” that they (Agents) provide (apart from the monthly money) are in the form of property listed.
How many Agents have walked away from RM? How much Stock has in turn walked away from Rightmove ……and what news from JustSayNotoRightmove?
RM clearly consider they have done their bit……are ready to restart their “screw turning machine” when the green light sparks into life….
At what “collective” point does Our Industry say “GOODBYE Rightmove” ?
We need to turn our key in Rightmove’s door.
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bottom line-there are a lot of better places for your money than PB at the moment.
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Imagine how YOPA and Housesimple are feeling today.
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This is what they do every day isn’t it?
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