Purplebricks intends to expand in the US
Purplebricks PLC announced late yesterday its intention to raise up to £50 million (before expenses), the net proceeds of the Placing will be utilised by the Company to enable Purplebricks to launch its business in the US, initially by establishing itself in a number of key states.
The Directors intend that the first stage of the roll out of the Purplebricks proposition in the US will begin in the second half of 2017.
Michael Bruce, Group Chief Executive Officer of Purplebricks Group plc, said: “We are proud to announce our plans to launch Purplebricks in the US, a market we estimate to be worth some US$70 billion in annual estate agent commission. Our customer proposition of high quality service and value, delivered through the combination of technology and people, is driving irreversible change in the UK and Australian markets. We are confident that with our understanding of the US market and our experience from having already launched in two markets Purplebricks can build a significant business in what could be one of the most fascinating and rewarding real estate markets in the world.
“For the realtors we recruit Purplebricks presents an exciting new platform to build scalable, profitable businesses in their own dedicated regions, supported by our strong technology infrastructure and marketing reach. For US customers we are seeking to offer a better deal in selling and buying their homes, with a more convenient, transparent and cost effective service.
“As with our UK and Australian launches we will adopt a state-by-state roll out strategy. The funds raised through the Placing will not only be deployed to build the Purplebricks brand in the US but, also, the people and infrastructure needed to manage rapid growth in that market.
“With trading in the UK and Australia in-line with the board’s expectations and with the development of the US opportunity, we are proud of the team’s achievements to date and excited for our global future.”
Source of information taken from AIM notification
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