Purplebricks hasn't been immune to the struggles companies across the world are being hit with while COVID-19 rampages every major country.
The British property portal is taking a number of measures to keep up, starting with seeking government assistance to help pay staff wages, with major layoffs being the alternative.
Purplebricks will begin facilitating virtual viewings and digital valuations to continue business while citizens continue self-quarantine. The company is still expecting the worse as UK property sale numbers tick downwards.
The company has also announced that it will be implementing a lean operating model moving forward and lasting until the end of the Coronavirus pandemic. Purplebricks also has plans to reduce supplier costs and overheads and will be suspending all TV and radio advertising in a move to cut costs.
Yet, Purplebricks has reported that it currently retains around £35 million of cash on its balance sheet and has no debt.
Purplebricks is answering this with exchanging its title as a 'hybrid agency' to that of a 'complete online model', making its workforce completely remote and utilizing technology like video software to continue business as usual, facilitating virtual tours, valuations and connecting potential buyers with agents through the Purplebricks platform.
The UK government has asked anyone looking to buy or sell property at this time, to delay and has put in place a ban on all travel but that which is deemed essential. This expands to those who have already exchanged contracts to move and sell to pause all business related to the move until the stay-at-home rule has been lifted.
