Purplebricks launches formal sale process

1st Mar 2023 07:14

(Sharecast News) - Online estate agency Purplebricks said on Wednesday that it was launching a formal sale process after receiving several approaches for the business.

The company, which announced a strategic review earlier this month, said it had received "several credible expressions" of interest since then.

The board wishes to pursue these expressions of interest "in a coordinated fashion, alongside engaging with a wider range of potentially interested parties, in relation to a potential acquisition of the company or some or all of the group's business and assets," it said.

Purplebricks said the strategic review will include a formal sale process.

"The formal sale process will enable the board and its advisers to conduct an orderly process and engage more widely with potentially interested parties, with a view to maximising the outcome for Purplebricks' shareholders," it said.

"It remains possible that, following completion of the formal sale process, the board will consider that Purplebricks and its shareholders would be best served by alternative strategic options available to the company, including by Purplebricks remaining a listed company."

The company has hired Zeus and PwC as its financial advisers.