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Bloomberg
Purplebricks Group Plc, the UK estate agent that has seen its market capitalisation shrink from a peak of £1.4 billion in 2017 to a mere £26 million, is putting out the “For Sale†sign.
The property broker has started a review that may result in a sale of the company or some of its assets after undertaking a turnaround plan that yielded more costs than expected, the Solihull, England-based firm said in a statement.
“The board recognises that the potential of the group may be better realised under an alternative ownership structure,†it said. The company, which appointed Zeus as financial adviser, is not in talks with any interested parties nor has it been approached by potential bidders, it added.
Purplebricks also lowered its revenue forecast for the year ending April 30 to a range of £60 million to £65 million. That’s below the £67.5 million to £72.5 million it predicted in December.