4 May 2017 07:00
04 May 2017
Purplebricks Group plc
Director change
Purplebricks Group plc ('Purplebricks' or 'the Company') announces that Neil Cartwright, Chief Financial Officer, is to step down from the Board and will leave the Company due to ill health.
The Board is pleased to announce that James Davies, most recently Chief Financial Officer of William Hill Online (the digital business of William Hill PLC) has been appointed to the role of Chief Financial Officer with effect from 4 May 2017. Neil will leave the Company on 30 June 2017 in order to help facilitate a smooth transition.
Prior to William Hill, James held the position of divisional CFO at Kingfisher plc and previously was for three years employed as the deputy to the Group Finance Director of UBM plc. Before this James spent five years in UK M&A at Deutsche Bank and eight years in the Tech team at Close Brothers.
Commenting on the announcement, Paul Pindar, Chairman stated:
"On behalf of the Board I would like to take this opportunity to express our deep gratitude to Neil and our very best wishes for his full recovery. Neil has been with Purplebricks since the start of 2015 and has played a significant role in its rapid growth and success to date, including steering the Company through its IPO in December 2015 and its recent fund raising for US expansion.
I would also like to take this opportunity to welcome James to the Board. James' broad international experience in consumer brands, technology and capital markets, will prove invaluable as we continue our rapid evolution."
Commenting on the announcement, James Davies, stated:
"Purplebricks has in just three years led permanent change in the estate agency industry and notwithstanding its rapid progress to date, the future opportunity is compelling. I am delighted to be joining the Company at such an exciting time in its evolution and look forward to helping it manage the growth and realise the global opportunity."
Save for the information disclosed below, there are no further disclosures to be made in accordance with Schedule Two paragraph (g) of the AIM Rules for Companies in respect of James Davies.
James Davies holds one active directorship in the following company at this time.
Company
Unitlease Residents Management Limited
James Davies has held directorships at the following companies in the last five years:
Company
WHG International Services Limited
WHG Trading Limited
Kingfisher Holdings Limited
United Finance Limited
Crosswall Nominees Limited
UNM Investments Limited
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
Enquiries:
Purplebricks | +44 (0) 20 7457 2020 |
Michael Bruce |
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Zeus Capital (NOMAD) | +44 (0) 20 3829 5000 |
Nicholas How, Ben Robertson, Mike Cuthbert |
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Peel Hunt (Broker) | +44 (0) 20 7418 8900 |
Dan Webster, Adrian Trimmings, George Sellar |
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Investec (Broker) | +44 (0) 20 7597 1234 |
Keith Anderson, Carlton Nelson |
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Instinctif Partners | +44 (0) 20 7457 2020 |
David Simonson, Mark Reed, George Yeomans |
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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 thatare 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.