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TODAY'S OTHER NEWS

I'm A Purplebricks Boss - Get Me Out Of Here! Australian CEO quits

Purplebricks chief executive in Australia, Ryan Dinsdale, is quitting the firm after two and a half years.

The influential Australian Financial Review website, which has successfully scored a series of exclusives on the hybrid agency’s troubles down under, says Dinsdale has joined “an exodus of senior managers” from the company.

According to a statement from Purplebricks obtained by AFR, Dinsdale will remain with the agency until March 1 at the latest “to support a period of transition" before he “pursues other opportunities.”

Dinsdale, who joined the agency from Virgin Money, oversaw the Australian launch of Purplebricks and, during his tenure, the firm sold over 4,700 homes and saw annual revenue in the territory rise to £13.5m for the 12 months to April 2018, up from £3.5m in the prior year.

AFR says Sydney-based global chief operating officer, Neil Tavender, who joined Purplebricks just three months ago, will replace him as CEO. AFR names four other Purplebricks senior managers in Australia who have left or are leaving - even though at least some of them remain named on the agency’s website.

In September this year Purplebricks introduced its second price rise in Australia within 12 months, and announced it would pioneer a model under which half the fee is paid by vendors upfront and the rest when the home is sold.

From October 1 Purplebricks customers in that country have each paid a $8,800 fixed fee - that's around £4,800. This is almost double the fee the agency charged when it launched down under.

The housing market in Australia has seen significant price falls during the second half of 2018 with some forecasts predicting further double-digit price drops in 2019.

AFR says Sydney-based global chief operating officer, Neil Tavender, who joined Purplebricks just three months ago, will replace him as CEO. AFR names four other Purplebricks senior managers in Australia who have left or are leaving - even though at least some of them remain named on the agency’s website.

In September this year Purplebricks introduced its second price rise in Australia within 12 months, and announced it would pioneer a model under which half the fee is paid by vendors upfront and the rest when the home is sold.

From October 1 Purplebricks customers in that country have each paid a $8,800 fixed fee - that's around £4,800. This is almost double the fee the agency charged when it launched down under.

The housing market in Australia has seen significant price falls during the second half of 2018 with some forecasts predicting further double-digit price drops in 2019.

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    Result....PB shares dropping like a stone today.....lost nearly 6% already.

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    THE ONLY WAY WE ARE GOING TO GET PB OUT OF BRITAIN IS MATCH OR CUT THERE FEES.

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    People do not sell on price alone. It's service and track record. Price is 3rd in the list.ways about price
    If it was always about price the public would not use anyone else. Remember the 50% fall through rate!

  • Steve James

    I've said this before and here I go again. PB will probably withdraw from the Australian market citing market conditions and possibly a recession which is looming. It's a very tough place to do business as the regulatory bodies there are strict and already have the measure of PB.

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