Purplebricks Starts Formal Sale Process, Cites Takeover Interest
- The UK company’s market cap has shrunk to below £25 million
- A sale is not certain and the company may yet remain listed
Purplebricks has seen its market capitalization shrink to less than £25 million from a peak of £1.4 billion in 2016.
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Purplebricks Group Plc said it was starting a formal sale process after receiving several expressions of interest that the board wished to pursue.
The UK estate agent is exploring a sale of the group or some of its assets, Purplebricks said in a statement Wednesday. It’s still possible that after the review the board will decide on other options which include the property broker remaining as a listed company, the Solihull, England-based company added.