Skip navigation

Gloucestershire Business News

Estate agent business reveals £26.1m loss

Online estate agency, Purplebricks, has reported a pre-tax loss of £26.1m.

Losses at the company have escalated following expansion overseas, as reported by the BBC.

Purplebricks launched its business in the US last September and Australia in 2016. It has recently moved into the Canadian market.

The company's UK business continues to grow rapidly, with UK operating profit rising to £6.5m from £1.1m in the past financial year.

Losses at the newly-launched US business increased to £16m from £100,000 in the previous 12 months. Losses in Australia rose to £11.8m from £6.1m.

Total revenue at Purplebricks rose to £93.6m from £46.7m in the previous 12 months.

Punchline says: "We won't be shedding any tears over Purplebricks' losses. This company and many others like it are threatening the high street, with 6,000 estate agents feeling the pressure."

Just last week, the UK's biggest estate agent Countrywide issued its second profit warning  of the year.

Photo credit: BBC

Subscribe to Punchline

Related Articles

£1.6 million Gloucestershire hotel up for grabs Image

£1.6 million Gloucestershire hotel up for grabs

A Gloucestershire Georgian country house hotel is on the market.

Firm’s £2.9m funding bid raises more than £5m Image

Firm’s £2.9m funding bid raises more than £5m

On Friday when a Gloucestershire engineering firm announced it was aiming to raise not less than £2.9 million it appears to have gotten investors more than a little excited.

Business expert: Is your head in the cloud or the sand? Image

Business expert: Is your head in the cloud or the sand?

Whatever your media choice you cannot escape the cloud accounting message – be it radio, TV, business magazines or the free magazine from a hotel chain.

County council awards £245m contract to West-Sussex firm Image

County council awards £245m contract to West-Sussex firm

A £245m maintenance contract for Gloucestershire has been awarded after a clean sweep of its highways contractors by the county council.

Copyright 2018 Moose Partnership Ltd. All rights reserved. Reproduction of any content is strictly forbidden without prior permission.