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The Purplebricks founder is reportedly preparing a move to regain control of the struggling online real estate company less than two weeks after the company went on sale.
Sky News reports that Michael Bruce is considering making an offer to Purplebricks and is lining up prospective advisors to work with him.
Bruce’s interest comes almost four years after he stepped down as the company’s chief executive officer, following yesterday’s announcement that Purplebricks had entered a formal sale process following a takeover offer. Continue.
The online real estate firm said yesterday it had attracted interest from third parties, apparently including Bruce, who founded the business with his brother Kenny more than a decade ago.
Purplebricks’ valuation has fallen sharply over the past year and is now worth just £23m.
Bruce is believed to be looking for a new project after his property portal Boomin failed after being called to liquidators last year.
A real estate industry source told Sky News that Bruce could even combine Boomin’s technology with Purple Brick’s.
The company has been hampered by the downturn in the real estate market in recent months, with buyers and vendors being deterred by sharp rises in mortgage rates.
Purplebricks said adjusted underlying losses for the full year would be between £15m and £20m.
Regulatory failures have also hurt the company, contributing to the decline. Shares of AIM-listed companies fell from 103p in early January 2021 to 95p in December 2015.
Shares of online realtors have plunged from a 2017 high of 525 pence.
The company’s shares closed at 8.38p yesterday
EYE NEWSFLASH: Purplebricks Enters Formal Sale Process Following Acquisition Offer