Purplebricks has confirmed that it is not planning to launch any more businesses from scratch and will instead focus on buying up existing agents in Europe.
“We’d be more interested at this stage in an acquisition than putting some troops on the ground,” founder Michael Bruce told Reuters yesterday.
“We’re not directly touting, but it’s clear that people know us and the brand and what we’re trying to achieve,” he said.
“We know who’s doing OK in these markets and we’re observing them.”
The most successful online and hybrid sales and letting agents in Europe at the moment include SeLoger.com and CyberPret.com in France, Maklaro.de and Nestpick.com in Germany and Spotahome in Spain.
Purplebricks also revealed that the business will now focus on ‘bedding down’ its existing overseas operations in the US and Australia and increasing its UK market share from 7% to 10%.
The company is also planning to launch a service called Purplebricks Plus which will enable home owners to see all their household bills on one dashboard, heralding the company’s first activity outside house sales and lettings, and parking its tanks on the front lawn of Zoopla.
Bruce says the service is being prepared for launch next April and claims it will enable Purplebricks to stay “front of mind” during the long stretches in between each home move.
These latest developments didn’t impress City investors. Purplebricks’ share price dropped by 4.5% yesterday to £2.97, a long way off its £5.13p share price a year ago.