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Purplebricks to set aside up to £9m to cover lettings errors
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Online estate agency Purplebricks will be forced to set aside as much as £9m after it found that its lettings business had failed to follow law protecting tenants’ deposits.
The company on Monday said it would delay publication of its results for the six months to 31 October, which were due on Tuesday, in order to work out how much the error would cost.
Purplebricks’s share price slumped by 20% on Monday morning to reach a new all-time low of 25p after it revealed the error.
The company described
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