For some time now Anthony Codling of Jefferies has been nipping at the heels of Purplebricks, the richly valued branchless estate agent, criticising its valuation and business model.The latest note from the analyst, published on Thursday after the market closed, provides further ammunition for the bear case on the business, launched in 2014 by brothers Michael and Kenny BruceCodling found that just half of Purplebricks’ customers in November 2016 sold their home within 10 months, far fewer than the 88 per cent figure chief executive Michael Bruce cited on Radio 4 in October that year. More intriguing still is this suggestion about the company’s approach to recognising revenue:A review of PB’s accounting policies raises concerns to us that either its contractual obligations to its customers
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For some time now Anthony Codling of Jefferies has been nipping at the heels of Purplebricks,...