TIDMPURP
RNS Number : 1538E
Purplebricks Group PLC
04 May 2017
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
Zeus Capital (NOMAD) +44 (0) 20 3829 5000
Nicholas How, Ben Robertson,
Mike Cuthbert
Peel Hunt (Broker) +44 (0) 20 7418 8900
Dan Webster, Adrian
Trimmings, George Sellar
Investec (Broker) +44 (0) 20 7597 1234
Keith Anderson, Carlton
Nelson
Instinctif Partners +44 (0) 20 7457 2020
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 GBP849 (inc.VAT) for a sale anywhere in the
UK other than in London and surrounding areas where there is a
charge of GBP1,199 (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 GBP25.0m of growth capital before listing
costs at 100p per share. In February 2017 Purplebricks raised an
additional GBP50m (gross) through a share placing to fund US
expansion.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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