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UK’s Purplebricks weighs sale process in strategic review



March 1 (Reuters) – Purplebricks Group (PURP.L) said on Wednesday its strategic review would include a formal sale process, as Britain’s biggest online-only estate agency attempts to turn its fortune around.

Purplebricks, which has a market capitalisation of 23.2 million pounds ($28.01 million), said since its strategic review announcement last month it has received interest from several parties that the board wishes to pursue. read more

The British agent had a turbulent 2022 as it struggled with implementing a new operating model, saw at least three major management reshuffles and one of its top-10 shareholders – Lecram Holdings – called for the removal of Paul Pindar as chairman. read more

Last month, the firm said its board had recognised that the potential of the group may be better realised under an “alternative ownership structure” and had decided to conduct a strategic review, but did not disclose any additional details on the review.

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Reporting by Chandini Monnappa in Bengaluru; Editing by Eileen Soreng and Sherry Jacob-Phillips

Our Standards: The Thomson Reuters Trust Principles.

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