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TODAY'S OTHER NEWS

Purplebricks marketing chief quits after little more than a year

Purplebricks chief marketing officer Ben Carter is quitting the company; he was appointed late last year.

Carter tweeted this afternoon: “Some personal news. It may have been short but it has been very sweet. I’m moving on from @PurplebricksUK at Xmas for a very exciting new role. Am very proud of what we & the team have delivered; it has been phenomenal & I can’t wait to see where the business goes!”

In November 2020, Carter was appointed by the agency in a blaze of publicity.

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For the previous five years he had worked at Just Eat, first as UK marketing director and then as global director of restaurants and strategic partnerships.

Late last year he told the marketing industry press: “I love working in high-growth, disruptive businesses with ambitious and innovative teams, and Purplebricks is no different.”

Although the agency has won praise for its Olympics sponsorship and associated publicity - all set in train before Carter's arrival - little has been seen of the local marketing blitz which was to have happened during the autumn.

Instead, in recent weeks the company has been mired in controversy.

It is involved in a dispute with former self-employed operators working for the firm who now believe they should have been entitled to greater employment rights, its share price has plummeted 75 per cent this year, and the firm has issued a profits warning to shareholders.

Last week Helen Ogden, the head of lettings, left the firm after it was admitted by Purplebricks that an unknown number of deposits taken from tenants by the agency were not registered with any one of the three government-backed schemes - they’re operated by MyDeposits, Deposit Protection Service and the Tenancy Deposit Scheme.

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    I think this guy seems to be in love - with himself.

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    The lifeboats are being prepared and the orchestra summoned.

  • Andrew Stanton CEO Proptech-PR    Proptech Real Estate Influencer

    Ben carter arrives Nov 2020, share price 69p, exits Dec 2021 share price 31p, so a 45% collapse in the value of the company in 13-months, great achievement, wait a minute aren't CMO's meant to add value to a company. The bigger picture here is that 31p is only 33% of the original listing price on the AIM back in late 2015. So all of those options for those in the c-suite are looking very poor at present, not surprising really, who had the big idea of spending all that cash on the Olympics ... did that generate a single new instruction? Maybe the cash could have been better spent in updating the digital side of the business, rather than quirky adverts with sporting titans. Just a thought.

  • Guy Medd

    Beginning of the end??

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    It must be said again "Commissary"

  • Glenn Taylor

    He has flown the nest before his reputation takes a further bashing.

  • Algarve  Investor

    I believe the phrase sinking ship might be appropriate here.

    There will be a lot of schadenfreude going on right now, but it kind of serves PB right for being so provocative and seemingly anti-agent for so long. That was alright when they still had a decent market share and a sense of going forward as a business, but it seems unlikely it will be very much longer for this world at the rate it's going.

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    Well all this couldnt happen to a nicer company - very well deserved PB! (-:

  • Andrew Stanton CEO Proptech-PR    Proptech Real Estate Influencer

    Perverse that YOPA have just announced yet another injection of capital to keep the lights on, so that must be close to 100M 'invested' plus any cash that has passed through the business in the past years and still zero profit. If it costs £150k to cold start one 'traditional' branch, which is repaid after 24-months, and makes profit from year three, that £100M could have opened 666 cold start agencies, with that £100M being paid back. So there you have it - an online agency model that makes zero profit ever, or 666 traditional offices, with probably 20% making super profit, 10% making zero profit and the rest making some profit. I know which one I would like to be getting dividends from each year.

  • Mark Walmsley

    Andrew Stanton. Maybe the investors are the issue here? Who would throw more money at these models?

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    who cares just run your own business

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