EYE NEWSFLASH: The battle for Purplebricks hots up

| Rosalind Renshaw

The battle for Purplebricks has heated up with the unexpected revelation that Toscafund has upped its stake in Purplebricks.

Toscafund this morning notified to the London stock exchange that it has acquired more shares in the online agent, raising its stake from 5.64% to 10.11%.

The purchase would apparently indicate that the purchaser of shares sold by fund-manager Neil Woodford is Toscafund and not German publisher Axel Springer.

As we reported this morning, Woodford has cut his holding from 28.88% to 23.87%, with speculation that the shares had been bought by Axel Springer which would then cross the threshold to mount a mandatory take-over bid.

However if, as the evidence suggests, it is Toscafund that is the buyer, then Axel Springer’s stake remains at 26.6%.

Toscafund is already upping its  presence in the UK agency sector, having launched a take-over bid for eProp, the parent company of easyProperty, the Guild and Fine & Country. However, its bid does not rule out the closure of easyProperty.

Toscafund only last month acquired some three million shares in Purplebricks.

 

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51 Comments

  1. purplepatchy
    June 6, 2019 at 12:53

    What do these people know that we don’t? I really don’t get why there’s a bidding war for a company with a business model that’s proven to fail – PB are haemorraging cash, their competitors are folding, they’ve doubled their losses within one year and this is before the whole conflict of interest / paid reviews scandal implodes and hits the newspapers.

    What’s the attraction?

    Report
    1. TheLettingsGuy
      June 6, 2019 at 12:54

      One look at the accounts should be enough to send anyone with an iota of sense to run for the hills.

      Report
    2. Property Pundit
      June 6, 2019 at 13:33

      Maybe looking at buying in cheap then selling off all the assets. Oh wait, there aren’t any.

      Report
    3. DoSomeWork
      June 6, 2019 at 17:32

      Proven failed business model? Hmmmm, the fact anything Purplebricks related gets hundreds of views and dozens of comments screams out that you are all worried that you are gonna go the same way as other high street retails. If this was the year 2000 you would sound like a staff member of Woolworths complaining that Amazons business model will not work because people prefer the high street and would never shop online!!!!!! How did that end up? Now go do some work and get off here.

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      1. ArthurHouse02
        June 6, 2019 at 18:25

        Your comparison is interesting apart from we arent selling some Pick N Mix and a cheap dvd, we are selling the most important asset you will ever own and holding your hand through the process.

        Someone else used to compare online estates to Amazon, but his company went bust and his “tech” worth “£10million” sold for less than a packet of fags.

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      2. purplepatchy
        June 6, 2019 at 19:46

        Do some work? I’ve made over £160,000 net profit from one branch over the last six months. Last time I checked that’s £60,160,000 more than PB made in the last two years

        I’d like to know their marketing cost per listing 🙂

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        1. DoSomeWork
          June 6, 2019 at 19:57

          And yet you feel so threatened by PB. You come across as pretty pathetic

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          1. Property Pundit
            June 6, 2019 at 21:21

            Time for your meds, off you pop.

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          2. purplepatchy
            June 7, 2019 at 07:48

            Lol, the reason we all enjoy talking about PB is relief and schadenfreude, nothing more, nothing less.

            I WAS worried about PB and the entire online sector when they first entered the market, you’d be a fool not to have been. Thankfully they’ve been proven as totally ineffective.

            As someone recently summed them up, a £1000 coin toss on selling your biggest asset.

            Nice chatting anyway

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    4. Michelle Lockwood
      June 6, 2019 at 22:41

      There’s not enough space to write what these people know that you simpleton idiots don’t.
      Your comments pretty much read like the fiction you preach to the customers you con into thinking they’ve instructed a professional. 
      Fact finding is clearly not your strong point. Opinion isn’t fact. Go get an education and then come back and say something factual and please, please, please; try to be more interesting.

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      1. purplepatchy
        June 7, 2019 at 22:31

        Ironically you’ve managed to espouse nothing but opinion in your response.

        Well done in your assertion that people running large investment funds know more about running large investment funds than myself. It really doesn’t change the fact that if they were to sell their home through my firm rather than PB they would walk away with more money what, 7 times out of 10? And that’s being generous. And that’s why purplebricks will fail. Within a year.

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        1. purplepatchy
          June 7, 2019 at 22:36

          Lol actually, don’t even bother to reply to me ‘michelle’. A quick google of your name + estate agents shows you have a long running history of lobbying for online agents and slandering anyone who may have the temerity to disagree with you. Suffice it to say, for all your bluster, you come across as a complete moron who is struggling to justify their place in the market. Spoiler alert, your time is over.

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  2. AgentQ73
    June 6, 2019 at 12:55

    As somebody else said on anther thread “The City is a very strange place”

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  3. Sdaltaf101
    June 6, 2019 at 13:07

    Why wouldn’t they fight over the shares its like buying Gold!

     

    Woodford’s fund is in difficulty so he must generate cash and has no other alternative but to sell valued assess, like it or not PB is a valued asset.

     

    He has generated £16m so is sitting on over £75m

     

    Great business model with huge growth potential

     

    The commission model is Doooooooomed

     

    Have a great day, lots of love and kisses.

     

    The future is bright, the future is Purple

     

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    1. Hillofwad71
      June 6, 2019 at 13:12

       

      SD

      How are the desktop valuations going in Stafford ? Have you ever seen the inside of a attic?  Devised an app to spot dry rot?

      Report
      1. Sdaltaf101
        June 6, 2019 at 13:42

        Great comment…will you please translate to English?
        🙂

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        1. Hillofwad71
          June 6, 2019 at 14:36

          It’s embarrassing having to !
          Well if you think sitting in your ivory tower in Stafford advising clients on values without inspection  is the Road to Damascus ,think again
          Its like Purplebricks -10
          Someone is going to throw the book at you when you get it so badly wrong  
          https://www.imovehome.com/

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          1. Sdaltaf101
            June 6, 2019 at 15:01

            Haaaaaa now I understand.

             

            Can I call you Sherlock?

             

            What a great business model “I move homes” has and could only be possible because of the support from Rightmove and Zoopla who say they don’t support Private Sale to the  High Street when they are sucking £1-2k a month from them when they are supporting Private Sale, another great business model with huge potential but alas I must declare i have no involvement with the business.

             

            Just a quick note: Free Valuations don’t sell homes its only a guide and the vast majority display the price are Offers Over.

             

            Have a great day and lets hold hands, bow our heads and pray for great wealth and happiness from the Purple Brick.

             

            Lots of love and kisses, the Prophet Sdaltaf

             

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            1. Hillofwad71
              June 6, 2019 at 16:20

              Priceless  
              Would’t want to be your insurance broker  
               
                “We start with your basic details – name, address, email – the usual. This generates your personal iMOVEHOME account and your free property valuation.”
               
              IT GETS BETTER ”
               
              instantly get a price range for your property based on intelligent data. If limited data is skewing the value, or if you think we’re off the mark, you can set your own asking price.”
               
                You really couldn’t make that up !
                Do you really feel those words will absolve you from a negligent valuation as you failed to  inspect the property      

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              1. Sdaltaf101
                June 6, 2019 at 17:15

                Nice advertising for imovehomes but as I said in my previous response:

                 

                “ I must declare I have no involvement with this business”

                 

                £249 upload your details and list on Rightmove………..bargain.

                 

                But you could also list with Doorsteps or 99Homes for less

                 

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      2. padymagic
        June 8, 2019 at 10:04

        valued assess

         

        Says it all

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    2. AgentV
      June 6, 2019 at 13:28

      Sdaltaf101

      So what do you do for a living?

       

      Report
      1. Property Pundit
        June 6, 2019 at 13:34

        He doesn’t, he’s held by the state for his own good.

        Report
        1. Sdaltaf101
          June 6, 2019 at 13:45

          One day I hope to be an estate agent but I keep failing the exams.
           
          Oh………….there are no exams so i’m a qualified estate agent.
          Have a great day, lots of love and kisses.
           
          The future is bright, the future is Purple
           

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          1. AgencyInsider
            June 6, 2019 at 13:50

            ‘there are no exams’

            Well done Sdaltaf101. Yet again you reveal your profound ignorance of Agency. I’ll leave you to find out why.

            Report
            1. Sdaltaf101
              June 6, 2019 at 13:56

              I do have a cycling proficiency certificate, does that count?
               
              And don’t forget:
               
              Doorsteps was selling properties during has afternoon playtime at school 😉 
               
               
               
               

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          2. Woodentop
            June 6, 2019 at 16:29

            No it means you are an unqualified estate agent. As are the colour purple.
             
            You told us you were a teacher.  
             
            You forget to mention all those agents and staff who have qualifications and everyone has compliance requirements.  

            Report
            1. Knowitall
              June 6, 2019 at 18:52

              Please just never acknowledge this guys comments and move on as if not there. It only encourages the fool.

               

               

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    3. JEL
      June 6, 2019 at 13:45

      So the commission model works the world over but is doomed in this country…..honestly you are having a laugh aren’t you

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  4. Mark Walker 2
    June 6, 2019 at 13:09

    When did anyone here see their last PB advert?  i.e. have they put the brakes on their advertising spend?

    If so, keep an eye on your local PB instructions.

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    1. HonestJohn
      June 6, 2019 at 13:30

      Take it from someone in the know, it’s not just their advertising they’ve cut. LPE’s and TO’s are being cut wherever possible (quite often on very dubious grounds), salary underpins are no more, TV and radio campaigns have been halted, even their usually ridiculous and lavish summer conference has been scaled back. All to save £££’s because their listings are reducing by the second and the pot is drying up.

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      1. Mark Walker 2
        June 6, 2019 at 13:44

        I’m trying to look now but I got distracted by their lack of legal compliance, rubber-stamped by ARLA, presumably…

        Report
        1. Mark Walker 2
          June 6, 2019 at 14:04

          6 in 14 days in our city and surrounds.
          Let’s extrapolate that to 12 to 15 for the month.
          Is that enough income to pay 1 territory owner and 2 LPEs, less their individual business expenses?

          Report
          1. Mark Walker 2
            June 6, 2019 at 14:18

            Sorry, scrub that.  2 LPEs have become 1.

            Report
      2. WiltsAgent
        June 6, 2019 at 13:44

        In 2 words, Going Bust.

        Report
    2. Property Pundit
      June 6, 2019 at 13:35

      ‘keep an eye on your local PB instructions‘
      You mean like having a proxy, lol?!!

      Report
      1. Mark Walker 2
        June 6, 2019 at 13:41

        🙂 🙂 🙂

        Report
  5. Malcolm Egerton
    June 6, 2019 at 13:44

    Axel Springer will take Purplebricks private to bury the awful blunder they have made; perhaps they will even double up by buying Countrywide into the bargain – at least that would get them some real-live estate agents.

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    1. HonestJohn
      June 6, 2019 at 13:51

      “Real-live Estate agents” – Are you sure? My local Countrywide branch looks pretty dead to me and the staff have been staring into the abyss for so long, I’m starting to wonder if they’re still alive? 

      Report
      1. Pinky and The Brain
        June 6, 2019 at 14:21

        And the CW offices should be buzzing today with the Thursday Phone our… today’s target is Viewings Guys. Let’s book as many as we can and the winning branch gets …. Some 50 Shares!! Yeaaahhh

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    2. AgencyInsider
      June 6, 2019 at 13:52

      Purple shares down 3%. Countrywide shares up 18%. Your crystal ball speaks wisely Mr Egerton.

      Report
      1. Hillofwad71
        June 6, 2019 at 16:47

        Don’t set any store on CWD’s rise  today More likely a few shorts closing to take a profit and will be coming back in hard to hit the rise 

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      2. MrM07
        June 6, 2019 at 16:49

        18% of 3.2 pence is what exactly? 3.7p? Thats clear proof the “Back to Basics” has worked! #buybuybuy

        Report
    3. Hillofwad71
      June 6, 2019 at 14:50

      I think Axel will buy OTMP .They are waiting till Springett exhausts fresh meat which might be sometime soon
      Swoop in .Port Bricks in who will drop RM and ZPL Add some bells and whistles and get to do what they are good at and challenge RM and ZPL 
       
      Cant’ see that move going down well though with agents suddenly finding  Bricks alongside them

      Report
      1. GPL
        June 6, 2019 at 16:12

         
        Sadly OTM is fatally wounded and destined for Oblivion (Oblivion The Market).
         
        The latest email offering “paid for extra options” ? …..smile please commented on numerous occasions, along with others,  (when I was supporting OTMV1) how OTM would mimic Rightmove and I foolishly believed that OTM were in it for Our Industry?
         
        Alas, OTM have failed to build the critical mass and now seek to start sucking extra income from members.   As smile please and others alluded to in those Golden V1 Days! OnTheMarket in just another Rightmove, with the very same motives!
         
        OTM could have succeeded and toppled Rightmove however those leading it had an entirely different motive from the one that Our Industry was calling out for. 
         
        The Roll of Bloodsuckers on Our Industry runs very, very long ….and is steadily being littered with their dead financial carcasses. 
         
        The positive news? …..Local, Independent, High Street Estate & Lettings Agents confirm daily that many of the Traditional Values & Services associated with Our Industry ARE delivering for Our Clients ……despite what the Fake Agents try to claim. 
         
         

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        1. Woodentop
          June 6, 2019 at 16:34

          OTM could have succeeded and toppled Rightmove however those leading it had an entirely different motive from the one that Our Industry was calling out for. 
           
          I couldn’t agree more. An opportunity lost.

          Report
  6. GPL
    June 6, 2019 at 15:56

     

    Tosca speculating to accumulate, then exit?

     

    Create a perception of value, take the sheep with you, then cash-in?

     

    Who knows…. frankly, who cares.

     

    Purplebricks are a lame Duck waiting ……….for the inevitable.

     

     

     

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    1. Hillofwad71
      June 6, 2019 at 16:33

      Clever move by Woodford,Instantly  puts a premium value on his remaiing  25% which Axel can buy in one fell swoop and have a majority shareholding  26+25%  =51%

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  7. Woodentop
    June 6, 2019 at 16:35

    PB shares still going down, all day and about to close lower than opening. Changing hands didn’t impress the city.

    Report
  8. Hillofwad71
    June 6, 2019 at 16:44

    Woodentop

    Fill your boots Axel are going to  have to pay at least 115p to gain control which they will do by July

    Son of Purplebricks!!! I wonder how he is going to turn out????

    Report
  9. PeeBee
    June 6, 2019 at 21:49

    Oh, look – Woodford’s dumped another 7.2 million.
     
    No doubt Prophet’n’Loss is the one vacuuming them up…

    Report
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