Estate agency Purplebricks (LON:PURP) has been defying gravity in its time on AIM. Investors appear to have been happy to invest for potential that is many years away.
The profit warning and concomitant share price slump show how difficult it is going to be for Purplebricks to achieve those investors’ dreams. There could be more nightmares.
US problems
Purplebricks was always taking a significant risk by moving into the US property market. This has a completely different model to the UK with listing agents and buying agents. The expansion appeared more to do with finding ways to grow ...
