- January 12, 2016
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Sky News have rumored The Online estate agency Purplebricks have informed shareholders they want to float the company, possibly early next month and it has appointed an investment bank called Zeus Capital to manage the development.
Fund manager, Neil Woodford increased his stake in Purplebricks to over 25% earlier this year. At that point the company was valued at roughly £100m, whichshort of the current estimation.
Sky have said that Purplebricks is thought of as the fourth-largest estate agency in the UK with a 60% market share of all new online instructions. They have made a statement saying “A person close to Purplebricks said the rapid expansion was partly the result of its ‘hybrid’ model, which is based on local property experts who manage the entire sale process.”
The website was founded by Brothers Michael and Kenny Bruce and they charge a fraction of the sales commission that the traditional high street estate agents do. Instead of sustaining a high street chain, Purplebricks use a network of local brokers to handle their transactions.