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

Related Articles

Fashion brand with Gloucestershire HQ set to open Gloucester Quays store Image

Fashion brand with Gloucestershire HQ set to open Gloucester Quays store

Job adverts are being posted for a new outlet at the Gloucester Quays centre - and it's for a fashion brand with a county base.

Gloucestershire High Streets will benefit from £95 million government fund Image

Gloucestershire High Streets will benefit from £95 million government fund

A fighting fund of government money can help revitalise one of Gloucester’s historic city centre streets.

Aldi to invest £1 billion in new stores Image

Aldi to invest £1 billion in new stores

German discounter Aldi plans to open 100 new stores across the UK over the next two years.

PICTURES: Tayntons Solicitors charity quiz raises £1,000 for Maggie's Image

PICTURES: Tayntons Solicitors charity quiz raises £1,000 for Maggie's

A team of brainboxes from Hazlewoods were crowned as more than £1,000 was raised for Maggie’s in the Tayntons Solicitors charity quiz.

Copyright 2019 Moose Partnership Ltd. All rights reserved. Reproduction of any content is strictly forbidden without prior permission.