Purplebricks float expected to value firm at £240m

It looks as though Christmas may come early for Purplebricks after it was announced that the firm’s float on the stock market this month could value the online estate agent at as much as £240 million. The company, which launched in April 2014, is backed by some heavyweight investors, including prominent Fund Manager Neil Woodford Paul Pindar, the retired Chief Executive of outsourcing group Capita, and Errol Damelin, the Founder of payday lender Wonga. Purplebricks, which has swiftly established itself as the number one online estate agency, has now raised £58 million from selling shares to institutional investors. The company is now expected to start trading on Aim, London’s junior market, on 17th December. The online estate agents prides itself on offering a cheaper service than traditional estate agents and currently lists in the region of 4,300 homes for sale, and said its market share among the top six online estate agents had grown to in excess of 60 per cent. Purplebricks charges a flat fee of £665 plus VAT for a sale in the UK, rising to £965 plus VAT in prime London postcodes. There are some additional charges for a premium service. It is understood that the online…

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