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By Tom Winnifrith | Tuesday 12 June 2018
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
I noted in a bearcast last week that the lack of a year end trading statement from Purplebricks (PURP) as has in the past been its wont – was a bad sign. If it had any good news at all to mention after the profits alert in march it would have told us about it. Instead silence. Well a source close to the company say one bit of news it could have released is, er more bad news.
My contact says that on the 1st May PurpleBricks brought its property management team in house after catastrophic failures managing and maintaining client properties.
PurpleBricks is now saying to customers that it is still in transition and struggling to clear the backlog of complaints due to office and operational moves, and that all clients emails pre-1 May have been archived and they are struggling with access. Clients calls and emails have gone largely unresponded to and unresolved for three months. Staff are apologising profusely and admitting service is failing clients.
Oh, so more happy customers then. This is not going to end well. Still a sell at 351p
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