Purplebricks

In December 2015, The Guardian reported that Purplebricks was set for flotation, and would début on London's Alternative Investment Market (AIM) on 17 December, with an anticipated valuation of £240 million.[4][5]

In December 2016, it was reported that Purplebricks had made its first profit of £300,000.[32] In the U.K., profit has risen to £5.7 million in the first half of the 2019 financial reporting period.[33]

In May 2019, Purplebricks vowed to shut down operations in Australia due to lack of profitability, after reporting an $18m interim loss for the six months to October.[34] This came days after the CEO, Michael Bruce was laid off after disagreements with Paul Pindar over the failed overseas expansion.[35]

In July 2019, new CEO Vic Darvey announced that Purplebricks would be shutting down operations in the United States, announcing that operating costs had risen to almost £52.3 million, said that it would focus its attention on Britain and Canada.[35]

Purplebricks offers an online marketplace for residential and commercial properties.[36]

Purplebricks utilises the Internet of things In its application and website on of mobile phones, PCs and tablets . Purplebricks is able to control all functions of their website across all three vehicles remotely.[36]

Purplebricks employs a fixed-fee business model, different to the commission based structures of traditional realestate firms.[37] In May 2018 SmartCompany identified that Purplebricks sought a $4500 flat fee for private treaty sales; for auctions this fee was set at $5325. Fees for other services including photography and floor plans are supplementary and all fees were to be paid regardless of whether the sale was completed or not.[38]

Purplebricks expanded its operations into Australia in September 2016. Purple bricks was reported to have conducted market research prior to entry into the Australian Realestate Market, with results that supported their expansion.[38] In 2017, Purplebricks’ Australian subsidiary generated a £6.1 million loss with £3.9 million spent on administration costs and £3.8 million spent on Marketing and PR related costs.[39] By June 2017, Purplebricks had expanded into five states in Australia. In May 2018 SmartCompany[40] reported that Purplebricks Group trading was initiating an exit from the Australian market after three years of operation with problematic market conditions stated as the main cause for withdrawal.

Purplebricks expanded into the United States in 2017, In September they began operations in San Diego, Fresno and Sacramento, Las Vegas and Phoenix. SmartCompany[40] reported in May 2018 that the Purplebricks board reduced investment in its overheads including marketing and began a process of strategic review. In July 2019, Purplebricks Chief Executive Officer Vic Darvey announced that it would be leaving the United States, In the FY2019 the US accounted for 2% of Purplebricks Global revenues.[41] Reuters estimated exit costs for Purplebricks to be approximately £4m.[41]

In July 2018 Purplebricks announced their ownership of DuProprio and its English speaking subsidiary ComFree, a PropTech - FinTech company in Canada with a fixed-fee business model for US$51m. The purchase was made from Yellow Pages Digital & Media Solutions Limited. DuProprio/ComFree at the time of the sale represented 20.2% of the market share in Quebec, 2.3% in Manitoba, Alberta and Saskatchewan as well as 2% in Ontario.[42]

Remonline reported that at the time of the acquisition management of DuProprio, CEO Marco Dodier, CFO Jean Bruno would continue to run the Canadian business.[42] Purplebricks Canada conducted business from offices in Hamilton, Winnipeg and Edmonton.

Forbes magazine reported in January 2020 that an email was sent from Purplebricks Canada's marketing department to all employees asking for positive reviews from friends and family regardless of whether they had had any business dealings with the company. In exchange it was reported that the employee that facilitated the most reviews would receive a paid day off.[43]

On July 15, 2020 Desjardins Group announced that they were purchasing the Canadian business of Purplebricks Group PLC for US$60.5 million.[44] It was reported that in the first year of operation, Purplebricks Canada ran an operating loss of US$4.8m. According to BNN Bloomberg at the time of the acquisition, Purplebricks Canada and DuProprio had "more than 500 employees in Quebec, Ontario, Manitoba and Alberta".[45] The acquirer, Desjardins is permitted to use the Purplebricks brand and logo’s until December 2020.[46]