Purplebricks (PURP) has been a disaster of a public business. This week, the online estate agent slumped to an all-time low of 23.5p a share, a decline of 95 per cent since 2018 and more than three-quarters in 2021 alone.
Six years after listing, some investors may still wonder why the stock has been such a dud.
When it floated, the group looked like a canny business idea in a sector primed for disruption. Unlike traditional estate agents, who collect a commission once a sale is completed, Purplebricks offered a fixed fee for the start-to-finish job of valuing, listing and selling a house.