Notice of AGM and Notice of Trading Update

RNS Number : 9824P

Purplebricks Group PLC

06 September 2017

 

6 September 2017

Purplebricks Group plc

Posting of Annual Report, Notice of AGM and Notice of Trading Update

Purplebricks Group plc ('Purplebricks' or 'the Company'), the hybrid estate agency, announces that its Annual General Meeting ('AGM') will be held at 10am on 29 September 2017 at the offices of Instinctif Partners, 65 Gresham Street, London, EC2V 7NQ.

Copies of the 2017 Annual Report, Notice of the Annual General Meeting and Form of Proxy have been sent to shareholders and are available on the Company's website www.purplebricks.com.

Purplebricks will also publish a trading update ahead of its AGM on 29 September 2017.

Enquiries:

Purplebricks	[phone]
Michael Bruce, James Davies
Zeus Capital (NOMAD)	[phone]
Nicholas How, Ben Robertson
Peel Hunt (Broker)	[phone]
Dan Webster, Adrian Trimmings, George Sellar
Investec (Broker)	[phone]
Keith Anderson, Carlton Nelson
Instinctif Partners	[phone]
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 £849 (inc.VAT) for a sale anywhere in the UK other than in London and surrounding areas where there is a charge of £1,199 (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 £25.0m of growth capital before listing costs at 100p per share. In February 2017 Purplebricks raised an additional £50m (gross) through a share placing to fund US expansion. 

 

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