UK's Purplebricks weighs sale process in strategic review (updated)

Purplebricks

01/03/2023 08:16

(Updates with details of review, background)
       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. urn:newsml:reuters.com:*:nL4N34X1N4
    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.  urn:newsml:reuters.com:*:nL4N2ZE3AT
    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.
        
  
    ($1 = 0.8284 pounds)
    

 (Reporting by Chandini Monnappa in Bengaluru; Editing by Eileen
Soreng and Sherry Jacob-Phillips)
 ((Chandini.M@thomsonreuters.com; +918061822697;))