£35 million cash boost for Purplebricks as its sells Canadian business

first_imgPurplebricks has sold off its Canadian offshoot PBDP for £35 million two years after it arrived in the country with bold plans to make itself a major player.In July 2018 it acquired local equivalent DuProprio for £29.3 million and subsequently set up a parallel Purplebricks operation.PBDP has been sold to a local cooperative financial group called Desjardins, effectively ending Purplebricks’ ambitions to become a global brand.The agency says the sale is part of its efforts to concentrate on the company’s core market in the UK, although it is to grant PBDP a licence to continue to use the Purplebricks brand in Canada for a transitional period until December 2021.But this deal also gives the hybrid agency a major cash boost, increasing the company’s money at the bank to £66 million, cash which is much needed as the company licks its wounds following the Coronavirus lockdown.Operating lossThe disposal also removes a potential financial burden from its group’s bottom line. PBDP had an adjusted operating loss of £2.8m for the 10 months ended 30 April 2019 and the book value of its gross assets as at 31 October 2019 was £11.4m.Given this financial scenario, Purplebricks is fortunate to have received £5.7 million more than it paid for DuProprio two years ago.Vic Darvey, Purplebricks’ CEO (left), says: “Over the last 14 months, Purplebricks has reset its strategy to give the company a strong foundation for the next phase of its growth.“Purplebricks’ hybrid, digitally enabled model is more relevant than ever and this simplification of the business will allow management to focus its time and the company’s resources on delivering growth in the core UK market.”PBDP Purplebricks canada vic darvey July 15, 2020Nigel LewisOne commentAndrew Stanton, CEO Proptech-PR Real Estate Influencer & Journalist CEO Proptech-PR Real Estate Influencer & Journalist 16th July 2020 at 7:23 amWith an uptick in the market due to the actions of the Chancellor and priming the fiscal pump with a SDLT shot in the arm, listings will be up, so revenue will be up for Purplebricks.But that cash burn, that as an analyst I have been banging on about never goes away, and this is the online agents big problem, the media cost, those Olympic adverts that digital advertising spend costs well too much. The 35M is an interesting sum, roughly what Countrywide is looking to scoop from selling off its commercial silverware for.The difference between the two is Countrywide needs 35M to pay the salaries and stave off the creditors who nervously eye the 95M black hole of debt this lumbering dinosaur carries, whereas Purplebricks may be an agency lite model, but it has zero debt on its spreadsheet, it has never paid a dividend either but that is a different story.Log in to ReplyWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Home » News » Agencies & People » £35 million cash boost for Purplebricks as its sells Canadian business previous nextAgencies & People£35 million cash boost for Purplebricks as its sells Canadian businessHybrid agency says disposal is part of its renewed focus on its core UK market but the cash will be useful following the additional costs of surviving the lockdown.Nigel Lewis15th July 20201 Comment1,438 Viewslast_img read more

Historic estate agency buys up rival’s management and valuations divisions

first_imgHome » News » Agencies & People » Historic estate agency buys up rival’s management and valuations divisions previous nextAgencies & PeopleHistoric estate agency buys up rival’s management and valuations divisions200-year-old firm PS&B, with branches in Brighton and Bognor, says the acquisition will not involve job losses.Nigel Lewis9th February 20210959 Views A historic South Coast estate agency that has been trading since 1825 has bought a key rival as it looks to significantly expand its business.Brighton firm PS&B – formerly Parson, Son and Basley – has bought the block management and property valuation business of rival Graves Jenkins for an undisclosed sum.The acquisition does not involve any job losses, and staff from Graves Jenkins are to transfer to PS&B’s head office where the operation will be rebranded as GJ Survey & Management.The remaining part of the Graves Jenkins is retained by its founder Phil Graves, which includes its commercial and estate agency arms.Michael Barber (pictured) , a director of PS&B, told local media: “We are absolutely thrilled that the purchase of Graves Jenkins block management and valuation sectors has now completed.“It is a move the company has wanted to make for some time and it is wonderful that we were able to acquire such a reputable and long-established brand to sit alongside PS&B.“Our new GJ Surveying and Management arm will enable us to offer our existing and prospective clients an even larger team of staff who be solely focused on block management and valuations.“This will mean PS&B can specialise in our other sectors to include professional services such as valuations, lease extensions, collective enfranchisement and general property management across the region.”PS&B offers a range of services including rented accommodation, commercial property sales and lettings, auctions and professional services such as valuations, lease extensions, collective enfranchisement, and property, block or estate management.Read more about Brighton.PS&B Parson Son and Basley Graves Jenkins Phil Graves Brighton estate agent February 9, 2021Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021last_img read more

Agents asked to comment on portal ‘material information’ ahead of guidelines

first_imgHome » News » Agents asked to comment on portal ‘material information’ ahead of guidelines previous nextRegulation & LawAgents asked to comment on portal ‘material information’ ahead of guidelinesTrading Standards wants to know industry’s views as it prepares to bolt down minimum information agents must upload to portals.Nigel Lewis20th April 20211 Comment1,810 Views Estate agents are being asked to tell National Trading Standards what information should be ‘minimum basic’ when uploading property for sale and to rent onto portals.Its property industry arm NTSEAT has launched its consultation on the basic ‘material information’ that agents should be uploading to Rightmove, Zoopla, OTM, Boomin and the many other challenger portals ahead of new guidance due to be issued later this year.Agents are already required by the Consumer Protection from Unfair Trading Regulations 2008 not to hide key material information from house hunters when uploading property details, but NTSEA says current practices around disclosure are not consistent across the industry.The new guidance, once published, will for once and all settle what the minimum material information agents must include within the listings they upload to portals.NTSEAT says this will have benefits for the industry including fewer sales fall-throughs and lower levels of complaints by members of the public about agents.Estate agents wishing to have their say have until Monday 17th May to fill in the online survey, which asks them about their opinions on issues such as cladding, broadband speeds, and property tenure.James Munro (pictured), Senior Manager of the NTSEA, says: “We want to make it easier for agents to provide basic material information to consumers by ensuring more of this information is published on property listings.“By participating in the survey, agents will help us provide clarity to the industry and ensure consumers can access relevant, essential information when they start their property search.”Rightmove’s Legal & Compliance Director David Cox (pictured) says: “The information that agents need to find out before marketing a property varies so much depending on the type of home, and so we support the drive to provide clear industry-wide guidance on basic material information.“Unlike price and number of bedrooms which is already available on all listings, there are some features that aren’t displayed in every case, such as tenure, and so we’d like to hear from agents about what challenges they face in collecting this type of information.”Organisations involved in the initiative, which is backed by 90% of consumers, include Propertymark, all three main portals, PropertyPal, TLIC, PRS, TPO, RICS and UKALA.Read NTSEAT’s reasoning behind the consultation and initiative. NTSEAT James Munro National Trading Standards Estate & Letting Agency Team (NTSELA). Rightmove David Cox April 20, 2021Nigel LewisOne commentjeremy clarke, Belvoir Christchurch Belvoir Christchurch 21st April 2021 at 9:12 amIs it just me, or have people lost the ability to find out anything for themselves?It seems that unless everything is available on a tiny screen in front of them, people feel that they have been poorly treated and deserve more?Years ago, viewers would drive past a property and, if they didn’t like something about it e.g. the pylon in the back garden, they didn’t view. Nowadays they don’t drive past, they make an appointment and expect the agent to have told them everything.Log in to ReplyWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021last_img read more

USA: Former Navy Warship Commander Joins Angle in Race for Congress

first_img View post tag: News by topic View post tag: joins Former Navy warship commander Kirk Lippold entered the race for Nevada’s 2nd Congressional District Thursday, immediately stressing his apol…By David Catanese (politico)[mappress]Source: , April 15, 2011; Back to overview,Home naval-today USA: Former Navy Warship Commander Joins Angle in Race for Congress View post tag: Warship View post tag: Angle View post tag: Commander View post tag: Race View post tag: Congresscenter_img April 15, 2011 USA: Former Navy Warship Commander Joins Angle in Race for Congress View post tag: Navy View post tag: Former View post tag: Naval Authorities Share this articlelast_img read more

USS Charlotte Returns to Joint Base Pearl Harbor-Hickam

first_imgThe Los Angeles-class fast attack submarine USS Charlotte (SSN 766) returned to Joint Base Pearl Harbor-Hickam after a scheduled six-month deployment to the Western Pacific region, May 31.“This was an extremely successful deployment for Charlotte,” said Cmdr. Richard Young, USS Charlotte commanding officer. “It was a long six months but with the many hours of hard work and training, we accomplished all mission expectations during this deployment.”Charlotte departed Pearl Harbor Dec.1, 2010, on her Western Pacific deployment. The crew experienced the dynamic operational environment of the Western Pacific and returned with a wealth of submarine experience and advanced qualifications with 28 who became submarine qualified and are now authorized to wear the Submarine Warfare insignia or “Dolphins.”“I could not be more proud of my crew. They proved that we can take this submarine any place we need to go at any time” said Young.Over the course of the deployment Charlotte completed multiple missions in the 7th Fleet area of responsibility and numerous operations with the Japan Maritime Self-Defense Force.Los Angeles-class submarines are ideally suited for covert surveillance, intelligence gathering and Special Forces missions. This stealth, when combined with the submarine’s Tomahawk cruise missiles, mines and torpedoes, provide the operational commander with an unseen force multiplier. The nuclear-powered attack submarine Charlotte is the fourth U.S. Navy ship to bear the name. She was commissioned on Sept. 16, 1994 in Norfolk, Va. and arrived at its new homeport, Joint Base Pearl Harbor-Hickam, Hawaii, Nov.17, 1995.[mappress]Source: csp, June 1, 2011; June 1, 2011 View post tag: USS View post tag: Joint View post tag: Hickam View post tag: Charlotte View post tag: Pearl View post tag: Base Back to overview,Home naval-today USS Charlotte Returns to Joint Base Pearl Harbor-Hickam center_img View post tag: Naval View post tag: Navy View post tag: News by topic View post tag: Returns View post tag: harbor USS Charlotte Returns to Joint Base Pearl Harbor-Hickam Share this articlelast_img read more

USA: Nimitz-Class Supercarrier Abraham Lincoln Arrives in Los Angeles for Navy Week

first_img View post tag: Nimitz-Class USS Abraham Lincoln (CVN 72) and several other ships arrived in Los Angeles, Jul. 25, bringing several thousand Sailors to visit the city and surrounding areas as part of L.A. Navy Week 2011.Navy Week is an opportunity for the officers and crew of the visiting ships to help the Navy showcase the quality of its personnel to local citizens. Lincoln’s participation in L.A. Navy Week will demonstrate to area leaders and the general public that the Navy remains an effective and vital tool of national defense and a viable career opportunity for young men and women.The Navy conducts approximately 20 Navy Weeks each year, reaching out to communities across the country to showcase the investments Americans have made toward their national defense.Rear Adm. Troy M. Shoemaker, Commander, Carrier Strike Group 9, said the visiting ships and personnel are eager to interact with the people of Southern California.“We’re excited to be here in Los Angeles to participate in Navy Week,” Shoemaker said. “We’re looking forward to showing the people here how much pride we have in our Navy and what we do in defense of our country.”Shoemaker said the visit to L.A. would highlight two complementary aspects that make the United States great. “The L.A.-Long Beach port is one of the biggest in the world. It’s an incredibly important part of America’s economy, and the Navy ensures sea lanes remain secure, open and free for trade and travel.”While in Los Angeles, Sailors will contribute to the local economy by taking part in a variety of Southern California activities, from attending L.A. Dodgers baseball games to visiting Disneyland and Knott’s Berry Farm. Lincoln Sailors are also scheduled to participate in community relations projects building houses for local residents in cooperation with Habitat for Humanity.Capt. John D. Alexander, Lincoln’s commanding officer, said he expects Lincoln Sailors to make a favorable impression on the people of L.A.“We have some incredibly talented and hard-working personnel serving aboard this ship,” Alexander said. “Every day, our Sailors positively contribute to the American way of life by serving in this great organization. No matter how remarkable the people of Southern California find our ships, they’ll be even more impressed by the pride and professionalism of our people.”Participating in L.A. Navy Week 2011 are Lincoln, guided-missile cruiser USS Princeton (CG 59), guided-missile destroyer USS Chafee (DDG 90), mine countermeasures ship USS Champion (MCM 4), Carrier Air Wing (CVW) 2, and personnel from Carrier Strike Group (CSG) 9, Maritime Expeditionary Security Group (MESG) 31, Maritime Expeditionary Security Squadron (MSRON) 3 and Explosive Ordnance Disposal (EOD) Unit 1.The Abraham Lincoln Carrier Strike Group is in Los Angeles between at-sea training and certification periods and prior to a deployment scheduled for the end of the year.[mappress]Source: navy, July 26, 2011; View post tag: Naval View post tag: Los Angeles Back to overview,Home naval-today USA: Nimitz-Class Supercarrier Abraham Lincoln Arrives in Los Angeles for Navy Week July 26, 2011 Training & Education View post tag: Arrives View post tag: europe View post tag: Heerema View post tag: Norway View post tag: News by topiccenter_img View post tag: Abraham View post tag: Navy View post tag: design View post tag: week View post tag: usa View post tag: Supercarrier View post tag: Lincoln USA: Nimitz-Class Supercarrier Abraham Lincoln Arrives in Los Angeles for Navy Week View post tag: ULSTEIN Share this articlelast_img read more

Turkey Introduces First Domestically Produced Warship Heybeliada

first_img View post tag: Naval Share this article View post tag: News by topic Industry news Back to overview,Home naval-today Turkey Introduces First Domestically Produced Warship Heybeliada View post tag: Domestically View post tag: first View post tag: Heybeliada View post tag: Navycenter_img Turkey Introduces First Domestically Produced Warship Heybeliada View post tag: Introduces View post tag: Turkey Turkey on Tuesday announced that its first domestically produced warship, the Heybeliada, is operational in a ceremony held at the İstanbul…(todayszaman)[mappress]Source: todayszaman, September 28, 2011 September 28, 2011 View post tag: Warship View post tag: Producedlast_img read more

Chinese Navy Ship Zhenghe Arrives in Taranto, Italy

first_img View post tag: Chinese Chinese Navy Ship Zhenghe Arrives in Taranto, Italy View post tag: Italy Share this article Zhenghe, the Chinese Navy training ship, carrying 308 sailors, cast anchor at the port city of Taranto, Italy on Thursday making a fifth stop on her 30,000 nautical mile journey, Xinhua reported.The ship will be staying in a five- day visit which will include meeting with provincial and municipal officials as well as those from the Taranto Naval Command. In addition to holding of a joint navigation and passage exercise with the DDG “Doria” of the Italian Navy, visits to the Italian Navy vessels and training facilities are included in the visit’s agenda as well.Moreover, the ship’s crew, which comprises of 110 cadets from the Dalian Naval Academy, will join their Italian counterparts in sports games.As Liao Shining, the ship’s commander, explained, the visit is aimed at promoting mutual cooperation and strengthening military ties between the two navies.The five-month global voyage of the Chinese ship started in mid-April from China’s northeastern port city of Dalian and it will entail port calls to 11 countries and working visits to three countries.[mappress]Naval Today Staff, June 4, 2012 View post tag: Naval Back to overview,Home naval-today Chinese Navy Ship Zhenghe Arrives in Taranto, Italy View post tag: Navy View post tag: Arrives June 4, 2012 View post tag: News by topic View post tag: Taranto Industry news View post tag: Zhenghe View post tag: shiplast_img read more

USA: Naval Station Norfolk Hosts Change of Charge Ceremony

first_imgBack to overview,Home naval-today USA: Naval Station Norfolk Hosts Change of Charge Ceremony View post tag: Defence Authorities View post tag: hosts View post tag: change View post tag: Ceremony The leadership of Branch Health Clinic (BHC) Norfolk Triad changed hands Jan. 18 during a change of charge ceremony at Naval Station Norfolk.Capt. Richelle Kay-Marriner relieved Cmdr. Sarah Neill. The triad consists of the BHCs at Naval Station Norfolk, Norfolk Naval Shipyard and Naval Weapons Station Yorktown.The Naval Station Norfolk clinic is the largest branch health clinic in the Navy and supports the largest fleet concentration area.During the ceremony, speeches were filled with a list of Neill’s accomplishments and gratitude for her devotion to her staff and to the many service members and their families for whom they care. Capt. David A. Culler, Naval Station Norfolk commanding officer, led the accolades.“Cmdr. Neill’s engaged and proactive leadership as officer in charge of the world’s largest branch health clinic and most operationally intensive naval installation on the planet certainly kept Sarah busy – and she performed flawlessly,” Culler said. “Successful commands are tied to strong, positive leadership. [It should be] better when you depart than when you arrived, and you get an A plus as you certainly did that.”Capt. James Hancock, Naval Medical Center Portsmouth (NMCP) deputy commander, praised the value of Neill’s accomplishments.“You have made something that supports our fleet, not only more economical, but better,” Hancock said. “They’ve done over half a million visits during Sarah’s tenure, they’ve taken the no-show rate down to nothing. You got certified by the nation’s certifying [body for health care quality], NCQA, and you’ve done this in a time of war.“We thank you for the job that you have done,” Hancock added. “It has been no small challenge. As they say, this is not her first rodeo. She’s a ‘been there, done that’ kind of gal.”Neill spoke how the three branch clinics in her charge were like her “children,” each with unique challenges and solutions to improve health care delivery to their patients.“When I reflect on what it is that these clinics and this amazing staff are able to accomplish each and every day, I am humbled by your awesomeness,” Neill said.She thanked dozens of co-workers, shipmates and family members, and said this was the “tour of threes”: Three commanding officers she supported, three branch health clinics in the region and the respective officers in charge (OICs), and the staff during her tenure – three administrative officers, three senior enlisted leaders and three senior nurses.“Thank you for giving me the opportunity to be your OIC,” Neill said. “I could think of no other job in the Navy better than the one I leave today. It has been my distinct honor and privilege, and for that I am eternally grateful.”After Neill and Kay-Marriner read their orders, Kay-Marriner expressed her excitement over her new assignment.“Many say that the assignment of officer in charge is one of the best jobs in Navy Medicine,” Kay-Marriner said. “Having been previously assigned as an OIC, I would tend to agree. To be afforded another opportunity to serve as OIC with the responsibility of leading the largest health care clinic in Navy Medicine is an honor and also a dream come true.”Kay-Marriner was most recently at NMCP as the senior advisor for the APL Research Project, “Improving Access to Care for Orthopedic Services.”Following the change of charge, Neill held her retirement ceremony with retired Capt. Peter O’Connor as the guest speaker. Neill and O’Connor most recently served together at Navy Medicine East (NME) in Portsmouth.O’Connor related many moments of stellar service by Neill, including her coordination in sending medical teams to Haiti after the January 2010 earthquake, adjusting manning levels to improve services at the 15 naval hospitals and clinics within NME, and most recently for her work at the BHC.“Sarah has been a superb naval officer and a great mom and wife,” O’Connor said. “I don’t know how she did all that. She will make a great catch for the organization lucky enough to get her. Fair winds and following seas.”Neill was presented a fun run T-shirt and specially painted Adirondack chair by Rear Adm. Terry Moulton, deputy chief, medical operations director, Bureau of Medicine and Surgery, and Capt. Robert Fry, deputy executive aide to the surgeon general. The T-shirt was inspired by their command participation in runs while Neill and Fry were stationed together previously. The chair had the Medical Service Corps logo and her name stenciled on it. After the flag-passing ceremony, Neill surprised her mother, Linda Bagg, and presented her with the flag.Neill wraps up a notable career with many critical accomplishments within the BHC triad. The triad experienced a 700 percent increase in customer service satisfaction reporting with a more than 96 percent satisfaction rate; oversaw the merger of the Norfolk Dental Clinic within BHC Naval Station Norfolk; recently celebrated the 200th consecutive ship to deploy since 9/11 with 95 percent of greater dental readiness; overhauled the physical health assessment process resulting in higher and more comprehensive health care; and greatly improved access to care through the implementation of the Medical Home Port team concept.[mappress]Naval Today Staff, January 23, 2013; Image: US Navy January 23, 2013 USA: Naval Station Norfolk Hosts Change of Charge Ceremony Share this article View post tag: Charge View post tag: Navy View post tag: Defense View post tag: Naval View post tag: Norfolk View post tag: station View post tag: News by topiclast_img read more

ATLAS ELEKTRONIK, Thales to Upgrade German Class F124 Frigates’ Combat System

first_img View post tag: Atlas ATLAS ELEKTRONIK and Thales Deutschland have jointly been commissioned to modernize the combat system of the German Class F124 frigates. The CEOs of both enterprises recently signed the contract at the Federal Office of Bundeswehr Equipment, Information Technology and In-Service Support (BAAINBw) in Koblenz.With completion scheduled for 2017, the “HW Regeneration CDS F124” consortium formed by the two companies will refurbish the hardware of the Combat Direction System (CDS) and also adapt and update the software. The regeneration process is driven by the sweeping implementation of commercial hardware and software, because technological development in this field is progressing at a rapid pace. Here it will be possible to build up on the know-how and experience gained during the F124 construction and service phase, in which both companies were involved. The order comprises the three frigates “Sachsen”, “Hamburg” and “Hessen” as well as the Test and Training Centre (EZ/AZ) in Wilhelmshaven and the Reference Maintainer and Training Site (RMTS) in Den Helder. The work is to be organized and managed in such a way that the vessels will not need to be taken out of service.The activities include replacement of the outdated console processors, the data recording modules, and various network modules using components of the latest generation. Supportability of CDS components that are not regenerated yet critical for the system’s realtime response will, however, be ensured. An intentional side-effect is that, following the hardware regeneration, the computer systems will offer sufficient capacity for the integration of new subsystems and future CDS functionalities. Volker Paltzo, Managing Director of ATLAS ELEKTRONIK and Peter Obermark, CEO of Thales Deutschland, stated:“The frigates of the Class F124 are amongst the most modern and effective ships of their kind worldwide. We are proud of this expression of trust: in close cooperation with the German Navy, ATLAS ELEKTRONIK and Thales – as two internationally leading system suppliers – are to prepare these ships for the challenges of the years to come.”[mappress]Naval Today Staff, March 12, 2013, Image: Thales Equipment & technology View post tag: system View post tag: German ATLAS ELEKTRONIK, Thales to Upgrade German Class F124 Frigates’ Combat System View post tag: News by topic Back to overview,Home naval-today ATLAS ELEKTRONIK, Thales to Upgrade German Class F124 Frigates’ Combat System View post tag: Navy View post tag: Thales View post tag: Frigates Share this article View post tag: class View post tag: Naval View post tag: Elektronik March 12, 2013 View post tag: F124 View post tag: upgrade View post tag: Combatlast_img read more