An internal review has found examples of non-compliance with regulations at Purplebricks, the online agent’s half-year results have revealed, which could land the company with a fine.
A note in the brand’s stock market update, released this morning, highlights a “contingent liability for potential penalties in relation to non-compliance with regulation.”
Purplebricks didn't reveal the nature of the breaches but said that an internal review has found “instances of non-compliance with regulation.”
The board has approved remedial actions to be implemented at pace, the update said, and a third-party firm has been commissioned to review a selection of recent case files.
Purplebricks also said it intends to retain an external expert to conduct an audit of the company's compliance once remedial work has been completed.
It said: “Should any relevant regulatory authority issue a fine in respect of this matter, the fine and associated costs could range from being below de minimis to being material.
“At the balance sheet date and the date of this half year report the company is unable to reliably estimate the financial impact of any potential fine.”
The trading statement also revealed that claims against the agency for lettings compliance breaches first spotted last year could reach in excess of £5m
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18 months - then commisary for people that paid up front.
It is all part of Helen Marston's master plan, run a listed company and forever be in the headlines for not being compliant - it gives all stakeholders a warm sense that you are the right person to be running the show. Wait a minute is it not actually the other way around ... this farce is better than the West End, forget Peter Kay maybe Helen has a future in stand up touring when she 'decides' to persue other interests sometime in 2023. Her first sketch 'How I closed Purplebricks down in less than a year'
Oh no not more commissary for shareholders. 9.26p is that an all-time low? Valued at £28.88m does that make Purplebricks junk bond status yet? Will they continue the expensive TV adverts when the money runs out or go cap in hand to the city for more capital? World domination not quite going as planned is it.
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