Purplebricks Group on the sale of its Canadian business
Torch Partners has acted as financial adviser to Purplebricks Group (AIM:PURP) on the sale of its Canadian business to Desjardins Group, a Canadian cooperative financial group.
Purplebricks is the UK's leading hybrid real estate agency and combines highly experienced and professional Local Property Experts with innovative technology to help make the process of selling, buying or letting more convenient, transparent and cost effective.
Through the sale of the Canadian business, Purplebricks reset its strategy to give the Company a strong foundation for the next phase of its growth. The Company's hybrid, digitally enabled model is more relevant than ever and this simplification of the business allows management to focus its time and the Company's resources on delivering growth in the core UK market.
In FY19 Purplebricks had 13.5m new UK users and listed more properties than any other agent brand on homes up to £1 million, which represents 96.5% of the entire market.
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