Purplebricks only told auditors that it was facing a multi-million pound liability for bungled paperwork on the same day that it was questioned about the issue by The Telegraph, it can be revealed.
That’s not the mark of a well run finance department now, is it?
This also sounds like truly appalling law:
Shares in the Aim-listed company fell by more than a fifth on Monday after it released a statement to the stock market admitting that tenants were not given legally required paperwork explaining that their deposits are put into a national protection scheme.
These important lettings documents must normally be provided within 30 days of a deposit being paid. Failure to do so allows tenants to claim back up to three times the value of the money, from either the landlord or the estate agent.
Not nicking the money, not failing to put them in the scheme, but just not giving them the docs leads to a triple compo claim?
Who in buggery makes these laws?
Ah, yes, that’s right, the PPE graduates who came up through the student union.
I thought I’d covered most of this when I wrote about Purplebricks elsewhere yesterday. But apparently not, it’s getting worse.