UK 06:55 Sunday, 4 October 2026
Breaking news and expert analysis on fast-moving AIM and LSE listed shares
Having closed my short in sleazy estate agent Purplebricks (PURP) a while ago and even having a little trade on the long side, I have been sitting on the fence awaiting developments amongst its four largest shareholders (Axel Springer, Neil Woodford, Merian and Toscafund)...
Right now the UK operations of Purplebricks (PURP) are booking a small profit. So if it ain’t broke don’t fix it, right? Er new boss Vic Darvey has given an interview to the Press Association hinting very much otherwise.
I have always believed that Purplebricks (PURP) stiffs both staff and customers and that is why it will eventually ru out of cash so stiffing shareholders too. This video below validates my thesis with a former employee giving hard numbers on that stiffing. Enjoy.
For a company that will have net current assets of somewhere between SFA and £30 million by Christmas and which will again burn cash this year the valuation of Purplebricks (PURP), £314 million at 103p, is bonkers. In light of that I revisit full year numbers from Wednesday and ask you to consider a stack more red flags.
It is not easy being predominantly short in a market that is yet again flirting with all time highs and so a bit of luck is always welcome...
Purplebricks (PURP) screws a large minority of customers by taking a fee and then failing to sell their property. As it burns its cash, shareholders are getting screwed too. To complete the hat-trick it seems that it is also screwing its staff. Just look at the employee reviews below. This is not, I suggest, a recipe for success.
AIM-listed POS Purplebricks (PURP) has just announced the appointment of Citigroup Global Markets as joint corporate broker to act alongside existing broker Peel Hunt. If that is not a sign that a fundraise is coming, I don’t know what is.
Michael Bruce founded Purplebricks (PURP) and was its boss until he “was resigned” after the most recent lack of profits warning. Having sold £25 million worth of shares at 360p to Germany’s Axel Springer last March (when the Krauts also spunked £100 million on new shares at the same price), he is not short of a bob or two but today he dumped his remaining 46 million shares on Springer at £1 a pop.
That Purplebricks (PURP) remains above 100p after Tuesday’s announcement is surprising. With the closure of its Australian division and retrenchment in the US, the global growth story is dead, leaving the UK market as its primary focus where the going, by the company’s own admission, is tough.
Well what’s not to like about the latest pot-pouri of bad news from Purplebricks (PURP)? I start with the basic premis that a company that screws both staff and customers will, in the end, come a cropper and – Purplebricks is such a company. Only an arrogant buffoon such as Neil Woodford could fail to recognise that. So let’s start with the management change.
Purplebricks (PURP) is notorious for sending fascist lawyers letters to folks who criticise it. But in the US libel laws favour free speech not heavy handed corporates keen to gag whsitleblowers. Ultimately a business model that is predicated on screwing both staff and customers is doomed to fail and I shall turn to the latest lack of profits warning from Purplebricks later today. However, for now, I inveite you do enjoy the world of Purplebrickssucks.com - read at your leisure and having done so I am sure you'd agree that only a true moron or Neil Woodford, would want to own shares in this company.
The investment case for Purplebricks (PURP) is looking increasingly ragged. Even the analysts, not noted for being quick off the mark, seem to be losing faith – JP Morgan slashing its price target from 400p to 188p, and Berenberg really coming to its senses by replacing its 460p target with an 80p target. The disruptive growth story is now in shreds after February’s profit warning...
From the FCA's spreadsheet of short positions required to be disclosed to it, the following shows the shorted AIM shares with positions from 2018 and thus far in 2019 (by net short position %, those in bold not on the list at the start of 2019) – and if this position has increased (red), reduced (green) or remained unchanged (black) since last week...
Two high profile sinners repenteth and the writing is now very firmly on the wall for Purplebricks (PURP) as it starts a year when it will almost certainly run out of money. The sinners: broker Berenberg and Britains's most conceited fund manager Neil Woodford.
From the FCA's spreadsheet of short positions required to be disclosed to it, the following shows the shorted AIM shares with positions from 2018 and thus far in 2019 (by net short position %, those in bold not on the list at the start of 2019) – and if this position has increased (red), reduced (green) or remained unchanged (black) since last week...
Britain’s most conceited fund manager, Neil Woodford, has been catching the Purplebricks (PURP) falling knife all the way down and, as at October, his funds owned 29.25% of the company and so he really can’t buy many more shares. And the problem is that no-one else out there is daft enough to throw good money after bad and thus the stock continues to head south. At 123.8p to sell the shares are almost back at the level of the most recent profits warning on February 21. That tells you that another warning, a full year one, is one the way.
From the FCA's spreadsheet of short positions required to be disclosed to it, the following shows the shorted AIM shares with positions from 2018 and thus far in 2019 (by net short position %, those in bold not on the list at the start of 2019) – and if this position has increased (red), reduced (green) or remained unchanged (black) since last week...
