Purplebricks has appointed Grant Thornton as its ‘growth adviser’ as the hybrid agency continues to fly high on the London stock exchange.
Purplebricks - backed by star fund manager Neil Woodford - used Grant Thornton's transaction advisory services team to help it list on the exchange’s Alternative Investment Market where its 240m ordinary shares were placed at 100p each based on a market capitalisation of £240.3m on launch day in mid-December.
Now the firm’s shares closed yesterday at 160.00, over five per cent higher in just one day, after several weeks of strong trading and cautious support from some City analysts.
Grant Thornton partner David White will lead its relationship with Purplebricks, which he describes as “a genuine disruptor to the traditional estate agency business model.” His brief from the agency, he says, is to “help take the business to the next level, with access to funding a vital component of that growth strategy."
Grant Thornton will also act as auditor to the agency.
Purplebricks’ chief executive Michael Bruce says of Grant Thornton that "as a fast growing, young company they have been flexible in their approach and commercial in their advice, helping Purplebricks in its aim of transforming the way we sell, buy and let residential property."