Purplebricks lettings director cashes in on shares

| Rosalind Renshaw

Purplebricks lettings director Richard Jacques has sold shares in the company.

The sale of the 35,000 shares was at £1.6025.

Purplebricks made the announcement, while also advising the London Stock Exchange that an employee has exercised options to subscribe for 30,451 ordinary shares in the company at 0.1p each. The options were granted prior to Purplebricks listing as a public company.

Other employees have also exercised – and cashed in – their share options.

Before joining Purplebricks, Jacques was head of Your Move’s investor club.

He is not the first to have taken advantage of share options. Just before Christmas, chief technology officer David Kavanagh, chief information officer David Shepherd and finance director Matthew Farrow sold 101,502, 84,589 and 600,016 shares respectively, having exercised options to purchase two days earlier.

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18 Comments

  1. Hillofwad71
    January 23, 2017 at 06:55

    Follow the money! With 393 instructions which  have hardly moved in the last 12 months he must be under some pressure Another senior executive cashing in some chips before a penny finds its way back  to shareholders The silence on lettings in their TV campaign is deafening.They have an  inherent  problem as the lettings service is  hardly any cheaper

    This trustpilot review says it all

     

    “I got fed up with the lack of effort and puerile platitudes from high street estate agents so tried Purple Bricks. The initial experience was much the same: I met an agent at the property and agreed to list it. Things started to go badly from there. It took longer to list than had been suggested, mainly because I didn’t know that the computer was waiting for me to do something, ie go online to approve the advert. Having done that we had one viewing, an online offer from a benefit claimant who hadn’t even seen the house, several booked and cancelled appointments and a number of no-shows. After much badgering we had three viewings and an offer – all looking positive. That’s when things got a bit odd; as soon as an offer is made your property becomes inactive on their website so no more viewings can take place. That’s it, no arguments, the website algorithm doesn’t allow it. So, while you’re waiting for your possible tenant to go through referencing there’s no chance to insure against them pulling out, which quite a few do. During that period you have to complete several forms online, none of which stop the referencing process. If you don’t do it when you get the first email you get another one. Then another. Then another. It doesn’t matter if you’ve allocated yourself a weekend to go through it all, your mailbox fills up with reminders. And that’s the point I’m at right now. Still waiting to know if the tenant is suitable, no chance to let other people view the house – unless I instruct a high street agent again – and getting regular email reminders to complete some documents but no reply from anyone at PB to my questions about them. I know it’s an online service and its relatively cheap but it needs to be better tailored to how landlords and tenants work together. Watch this space …”

     

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    1. ddmoore08
      January 23, 2017 at 07:10

      It sounds like you need reminders since “because the computer waited for you to do something” before.

      How would a high street get agent get you more viewings? (That’s a genuine question)

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      1. ddmoore08
        January 23, 2017 at 07:14

        Typo in my question, apologies! It should read how would a high st agent get you more viewings?

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        1. smile please
          January 23, 2017 at 07:43

          We leave properties live until referencing is back. Admittedly we do not do viewings just register interest.

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        2. Robert May
          January 23, 2017 at 07:44

          That’s a question that ought to go un-answered, they just do! Telling you how they do it  would be madness, it is one of those things a successful agent keeps to themselves in order to make sure they are better than less experienced, less qualified competition.

           

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          1. ddmoore08
            January 23, 2017 at 08:52

            High st selling them selves as indispensable… pretty sure 95% of renters spend most evenings online searching properties…and will find the property themselves – The 5% exception – high end properties.

             

             

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            1. Robert May
              January 23, 2017 at 09:55

              When you claim 95% of renters  act in a certain way  what research are you basing that on?   You’re pretty sure which indicates  the % is an anecdotal reckoning rather than anything  verifiable.

              It sounds very much like the sort of thing regurgitated at trainees at an induction course into lettings

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              1. ddmoore08
                January 23, 2017 at 17:08

                TBH it is probable 100%.

                I’m 34 and still to hear from a friend or colleague that has used an agent to rent a property.

                I don’t understand why you AgentV and all the other high st guys spend there time on here. Go out and at least get your website optimised for mobile before barking on here.

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                1. LondonR90
                  January 23, 2017 at 20:31

                  My website is optimised.

                  I’ve even got a contact form on there.

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        3. inthefield
          January 23, 2017 at 08:35

          By not relying on the internet advert to do everything for us (genuine answer)

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          1. ddmoore08
            January 23, 2017 at 08:55

            Are you calling through your black book of contacts? Or can you give an example of one other activity you do for a an average priced property?

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      2. El Burro
        January 23, 2017 at 09:10

        I don’t think it’s a state secret to say that what property owners, tenants and buyers need to realise is that the internet is a reactive medium ie it requires you to do something.

        A good estate agent on the other hand puts properties in front of people who want to buy or rent through as wider range of mediums as possible including picking up that odd thing a called a telephone (Google it), calling people (ditto) and, here’s the sensation talking to them (ditto 2).

        Rocket science it ain’t, effective it is.

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    2. smile please
      January 23, 2017 at 09:52

      The main thing people are missing here is not if a property gets let but HOW it gets let.

      Numerous viewers not showing up

      Numerous unsuitable tenants showing up

       

      It is about finding the RIGHT tenant no A tenant.

       

      Also if you are inexperienced at vetting tenants you will not know how devious some can be and the telling signs its best not to rent to them.

      Anyone can fake an income or previous landlord reference.

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    3. P-Daddy
      January 23, 2017 at 10:48

      Back to the story..Richard Jacques has a lovely new year bonus of £56k gross and by selling last week, was close to an all time high and much higher than the others who sold before Christmas!! I would have done the same. The business is here to stay, the only real question is how true is that valuation…£400m for a call centre and tv advertising and possible profits one day. As they constantly say on Dragons Den…show us the money and justify that valuation! Watch this space everyone….

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  2. AgentV
    January 23, 2017 at 07:12

    Looks like the computer system was designed by people who think they know best ….but have never actually done the job to have the experience…..sounds familiar?

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  3. Philosopher2467
    January 23, 2017 at 11:56

    I think I may have said this before so apologies if I’m repeating. Landlords that want to do diy let/manage probably are already. The PB model is not particularly any more cost effective than a local agent doing tenant find hence, it’s  not doing very well for them. finding a tenant is easy. Finding the right tenant is more testing. Managing a tenancy is where the right agent comes into their own!

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  4. Philosopher2467
    January 23, 2017 at 11:57

    Buy cheap; buy twice?

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  5. KByfield04
    January 23, 2017 at 17:47

    I still don’t understand why they are permitted to sell- not usually permitted in early stages by ‘angaged’ shareholders to reassure new investors their money is safe and well placed. Ooooops.

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