NEWS BULLETIN

Taxpayer Stake Sale

NatWest is on track to report profits of more than £5 billion - the biggest since the financial crisis. It clears the way for the government to sell more of the taxpayers’ stake in the bailed-out bank. In April, Dame Alison Rose, the chief executive, is expected to announce that the bank will buy back shares from the government, repeating as exercise from 2022, when the bank repurchased just over £1.1bn worth of shares. The taxpayer stake in what was the Royal Bank of Scotland stands at 45% – down from 83% at its peak.

Purple Losses

Online estate agent Purplebricks is up for sale after revealing it expects to lose between £15-£20m this year. It said the potential of the group may be better realised under an “alternative ownership structure”. The company said it believed that Purplebricks’ business and brand has significant value. It had previously indicated that losses this year would be up to £10m, but will now be bigger, because a strategy to focus on the most profitable regions of the country proved more expensive than expected. It also cut revenue expectations for the year by £7.5m to £60-£65m.