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Purplebricks expands into Canada with £29.3m deal

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  • 02/07/2018
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Purplebricks expands into Canada with £29.3m deal
Purplebricks is expanding into Canada with a £29.3m takeover deal.

 

The online estate agent has snapped up DuProprio/ComFree (DPCF), which Purplebricks said has a similar business model to its own.

DPCF operates commission-free, real estate service networks in Canada online.

The firm has built up a profitable 20% market share of the real estate market in the province of Québec, and has more recently launched into new territories, securing a 2.0% market share in Ontario and 2.3% in Western Canada, Purplebricks said in a statement.

Michael Bruce, global chief executive of Purplebricks, said: “DPCF developed a strong presence in delivering a flat fee, cost-effective, professional real estate service to the people of Canada, challenging the conventional agency market.

“Their model of bringing a range of service packages and support, with access to expertise from coaches to legal professionals, is proving highly attractive to the Canadian public, and has aspects in common with the Purplebricks’ model and ethos in the UK, Australia and the US.

“We are excited about working with DPCF’s exceptionally strong management team to leverage the significant opportunities for growth in the Canadian market.

“Expanding the geographical footprint across Canada and building the company’s buy-side offering provides the potential to transform the size of the DPCF business and consolidate its market leadership.”

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