Coronavirus update: the latest news from West Midlands businesses
Estate agency Purplebricks says it has seen a weakening in vendor and purchaser activity since the coronavirus outbreak.
The firm says it also notes the Government’s announcement regarding the housing market on Thursday evening which it is “evaluating” and anticipates it will have a further negative impact on instruction and completion volumes.
Purplebricks said all TV and radio advertising has been suspended and online marketing costs have significantly reduced. The company also be using the Government’s COVID-19 Job Retention Scheme and is currently assessing how to implement.
A statement said: “The COVID-19 situation continues to evolve and is likely to remain uncertain for some time. However, given the recent impacts Purplebricks now expects revenues to be below expectations for the full year to April 2020. It is too early to predict the impact on The Company financial performance for the 2021 financial year until the impact of COVID-19 on the housing market becomes clearer.
“Nevertheless, the Company believes its flexible, digitally-led operating model leaves Purplebricks positioned for long-term success.”
Autins Group, the manufacturer which supplies the automotive sector, has said that despite performance in the first five months of its financial year it has reduced staff overheads and reduced employee hours by furloughing most of its employees.
A statement from the firm said: “We are encouraged by the financial measures recently announced by the UK Government and will actively pursue all avenues in order to support and protect the Group and our employees. We have already engaged with our principal bank and applied for CBILS funding. We would expect the outcome of that application within the coming weeks.
“Whilst we have taken all immediately available mitigating actions, the Board is also mindful that further initiatives may be necessary to respond to the current open-ended nature of the crisis.”
