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PURP Purplebricks Group Plc

0.31
0.00 (0.00%)
23 May 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Purplebricks Group Plc LSE:PURP London Ordinary Share GB00BYV2MV74 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.00% 0.31 0.00 01:00:00
Bid Price Offer Price High Price Low Price Open Price
0.28 0.34
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
  -
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 0.31 GBX

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Posted at 17/5/2023 22:39 by diku
How small return???...May 2022 20p share price...May 2023 below 1p share price...huge return to the downside...




The Proposed Sale is expected to deliver a small return to Purplebricks shareholders and preserves the Company's business and brand for the benefits of its consumer customers, employees, funding partners and other stakeholders.
Posted at 17/5/2023 09:04 by tomboyb
Purplebricks Group PLC Proposed sale of business and assets to Strike Ltd
17/05/2023 8:53am
UK Regulatory (RNS & others)

Purplebricks (LSE:PURP)
Intraday Stock Chart

Wednesday 17 May 2023

Click Here for more Purplebricks Charts.
TIDMPURP

RNS Number : 7212Z

Purplebricks Group PLC

17 May 2023

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION.

This announcement contains inside information for the purposes of article 7 of Regulation 596/2014 as amended and transposed into UK law in accordance with the European Union (Withdrawal) Act 2018 ("UK MAR").

17 May 2023

Purplebricks Group plc

("Purplebricks" or the "Company")

Proposed sale of business and assets to Strike Limited ("Strike")

Completion of Strategic Review, Termination of Formal Sale Process

Proposed cancellation of admission to trading on AIM

Proposed re-registration as a private company and change of name

Board Changes

and

Publication of Circular and Notice of General Meeting

Purplebricks Group plc (AIM: PURP) announces the completion of its Strategic Review, termination of its Formal Sale Process and entry into a conditional agreement to effect the transfer of substantially all of its trading business and assets to Strike (other than certain excluded assets) through its subsidiary Strike Bidco Limited (the "Purchaser") for a consideration of GBP1 and the assumption of substantially all of the Company's liabilities (other than the excluded liabilities) by the Purchaser (the "Proposed Sale"). The Proposed Sale results in the Company's cash balance on Completion (up to a maximum of GBP5.5 million) being retained by the Company with the intention that the net cash proceeds after the deduction of certain costs and expenses to meet the excluded liabilities (the "Net Cash Proceeds"*) are distributed to Shareholders following and subject to completion of (i) the legal formalities around the transfer of assets and (ii) a members' voluntary liquidation.

The Proposed Sale is expected to deliver a small return to Purplebricks shareholders and preserves the Company's business and brand for the benefits of its consumer customers, employees, funding partners and other stakeholders.

Summary

-- Completion of the Company's Strategic Review and termination of Formal Sale Process, which concludes the offer period in respect of the Company (as defined in the Takeover Code).

-- The Board of Purplebricks launched the Strategic Review on 17 February 2023 to consider the options available to the Company considering both the value being offered to Shareholders, and the ability to deliver certainty for the Group and its stakeholders in a short timeframe . Following preliminary conversations around the potential for an equity fund raise and having received several credible expressions of interest in relation to the sale of the Company or some or all of the Group's business and assets, the Formal Sale Process was launched on 1 March 2023 to fully explore a potential sale of the Group.

-- After a period of engagement with a significant number of potential offerors and upon conclusion of several rounds of bidding designed to identify the most credible potential offerors, among other options, the Company received a proposal from Strike for the acquisition of the Company's business and assets. The Board did not consider the other potential offers provided either sufficient certainty or would be deliverable in the timeframe needed to resolve the Group's short term funding issues arising from the agreement with its pay later financing provider being close to expiry and the Company's cash balance declining.

-- However, the proposal from Strike offered the ability to conclude a transaction in the short term that results in the Company retaining a cash balance for distribution to shareholders ( as part of a distribution to shareholders after payment of certain transaction costs and expenses and after completing the transfer of assets that can only be passed to Strike post Completion (such as contracts requiring counterparty consent)) whilst also protecting the future of the Company's business, brand, existing customers in the process of selling their houses and those employees to be retained for the ongoing success of the business as well as providing greater certainty for funding partners and other supplier relationships.

-- The Proposed Sale will constitute a fundamental change of business for the purposes of Rule 15 of the AIM Rules as the Company will cease to own, control or conduct all of its existing trading business, activities and assets. It is also potentially deemed "frustrating" action under Rule 21.1 of the Takeover Code. As such, the Proposed Sale is conditional upon the approval of the Shareholders at the General Meeting. The Circular, setting out further details on the Proposed Sale and containing a notice to convene the General Meeting, is being sent to Shareholders later today. The General Meeting will be held at 9 a.m. on 2 June 2023.

-- The Board has also concluded that, on the basis that the Company would no longer have a trading business following Completion, it is in the best interests of the Company and the Shareholders to seek Shareholder approval to cancel the admission of the Company's Ordinary Shares to trading on AIM. Following cancellation of the Ordinary Shares on AIM, the Company proposes to re-register as a private company, thereby changing its name to Bricks Newco Limited and adopting the New Articles.

-- With effect from Completion of the Proposed Sale, Helena Marston is resigning from her role as CEO. The rest of the Company's Board (other than Dominique Highfield, the Company's CFO) have indicated their intention to step down following the cancellation of the Ordinary Shares to trading on AIM. All other employees will transfer to Strike, however it is anticipated that there will be reductions in headcount in the short term as part of a wider cost reduction in the business, which are expected to impact on the size of the field teams and certain central functions.

-- The Directors, taking into account the comprehensive exploration of sale options via the Formal Sale Process, the current trading performance of the Company, the liquidity position of the Company, the near term expiry of a key funding partner relationship and the potential challenges in securing, in the short term, the future ownership of the Group, have unanimously concluded that it is in the best interests of the Company to proceed with Proposed Sale.

-- Accordingly, the Directors intend to unanimously recommend Shareholders to vote in favour of the Resolutions to be proposed at the General Meeting as they have irrevocably undertaken to do in respect of their own beneficial holdings and the shareholdings in which they are interested amounting, in aggregate, to 19,402,865 Ordinary Shares, representing approximately 6.3% of the Company's issued share capital.

-- The Company has also received an irrevocable undertaking to vote in favour of the Resolutions at the General Meeting from AVIV Group in respect of 81,384,638 Ordinary shares representing approximately 26.5% of the Company's issued share capital.

-- In addition, the Company has also received a letter of intent from JNE Master Fund LP in respect of 33,620,000 Ordinary Shares representing approximately 11% of the Company's issued share capital, confirming that it intends to vote in favour of the Resolutions at the General Meeting.

-- Accordingly, the Company has therefore received irrevocable undertakings and/or letters of intent in respect of a total 134,407,503 Ordinary Shares representing, in aggregate , approximately 43.8% of the Company's issued share capital on 16 May 2023 (being the last Business Day before the date of this Announcement), further details of which are set out below.

Rule 21 of the Takeover Code

Prior to the Company terminating the Formal Sale Process by way of this Announcement, all parties who had approached the Company were notified of the rejection of their approach with regard to making an offer for the Company and also of the termination of the Formal Sale Process.

As at the date of this Announcement, no firm proposal has been made to the Company by any potential offerors.

Rule 2.8 of the Takeover Code

Shareholders will be aware that on 10 May 2023, Strike released an announcement confirming that it did not intend to make an offer for the Company. This statement is subject to Rule 2.8 of the Takeover Code and under Rule 2.8(f) of the Takeover Code, Strike would be prohibited from purchasing, agreeing to purchase or make any statement which raises or confirmed the possibility that it is interested in purchasing assets which are significant in relation to the Company for a period of six months from 10 May 2023. With regard to reservation a) in the announcement made by Strike on 10 May 2023, the Board of the Company has agreed that this restriction may be set aside for the purposes of Strike and the Purchaser entering into the Asset Purchase Agreement.

Paul Pindar, Chairman of Purplebricks, commented:

"It is the unanimous opinion of the Board that the Proposed Sale to Strike is in the best interests of stakeholders and Shareholders should vote in favour of the Proposed Sale. This conclusion has been informed by the Strategic Review in which all options, including an equity fund raise, have been considered and an extensive Formal Sale Process, which involved inbound and outbound approaches from and to interested parties within and outside of the industry. I am disappointed with the financial value outcome, both as a 5% Shareholder myself and for Shareholders who have supported the Company under my and the Board's stewardship. However, there was no other proposal or offer which provided a better return for shareholders, with the same certainty of funding and speed of delivery necessary to provide the stability the Company needs.

On behalf of the entire Board I would like to thank Helena for her leadership of the business through the most challenging of times and wish her the very best for the future. She has implemented a difficult but necessary change agenda over the last 12 months which has laid the foundations for a more secure future."

Helena Marston, CEO of Purplebricks, commented:

"When I became CEO 12 months ago, my focus was a wholesale raising of standards within the business and to chart a course towards positive cash generation. This included delivering GBP21m of cost savings, stabilising lettings, new revenue streams, raising our prices and much improved financial transparency and control. We have achieved many of these goals, but my view and that of the Board in February was that we would be better placed to realise our full potential under private ownership. However, the Strategic Review and Formal Sale Process created increased uncertainty in the business resulting in a need to draw this process to conclusion, which has also been accentuated by the timing of expiry of our relationship which lets us provide pay later solution.

Taking the actions we did has allowed us to secure a solvent outcome, which protects the future of the business and the Purplebricks consumer driven brand, alongside the benefits of further investment. It has been a challenging and uncertain time but the passion and commitment of our people has been tremendous and I sincerely wish everyone the very best for the future."

Sir Charles Dunstone, Partner, Freston Ventures (Joint Major Shareholder of Strike), commented:

"We remain committed to the online model, which offers customers a much better experience at a far lower cost. This is a positive outcome for anyone looking to sell their home and save money doing so. Purplebricks has dramatically changed the industry by driving down the cost of estate agency and we aim to combine its significant brand recognition with an even more disruptive business model.

In bringing together the two brands, we will supercharge Strike's mission to democratise house selling by empowering customers to have more control over a process that has barely changed for 200 years.

At Freston Ventures we are focused on building household brands that are trusted by consumers across the UK. We believe there is a better way to sell your house and through this deal, we are developing the market-leading brand to deliver it."

* Net Cash Proceeds available to be returned to Shareholders is an estimate and will be dependent on a number of factors outlined in the additional information section below

Enquiries
Posted at 11/5/2023 07:53 by wigwammer
No they didn't say that. What they said was "Purplebricks' intention would be to return the net cash proceeds to shareholders, with such return likely to be at a level below the current share price."
Posted at 10/5/2023 17:05 by wigwammer
Ho hum... "The Business and Assets Sale, if it is concluded, would be subject to approval by Purplebricks shareholders at a general meeting. Should the Business and Assets Sale be concluded, Purplebricks' intention would be to return the net cash proceeds to shareholders, with such return likely to be at a level below the current share price. There can be no certainty that the Business and Assets Sale will be concluded, nor as to the terms of such a transaction."
Posted at 09/5/2023 16:18 by kimchi1
don't be a fool like firestorm911 aka moonshine3 aka marketwhsipers
He loses on EVERY trade !

Here is your WARNING from the RNS:

"Negotiations are ongoing, however, at the current time, the transactions being contemplated, if concluded, would be expected to deliver returns to shareholders materially below the Company's current share price. There can be no guarantee that these negotiations will result in any such transaction, and there can also be no certainty on the timings or level of any return to shareholders.

Given the expected level of potential returns to shareholders the option of an equity fund raise has been revisited but is still considered to lack the necessary support
"
Posted at 26/2/2023 17:30 by kreature
A quick glance at the first 5 reviews on TrustPilot :

———;

julie
8 reviews
GB
Rated 1 out of 5 stars
17 minutes ago
Waste of time
I booked an appointment to view a property through Purple Bricks and when I arrived the seller had not had any correspondence from Purple Bricks about my viewing and then told me that she was taking it off the market anyway.
What a waste of my time.
Date of experience: 26 February 2023

———;——-

DI
Disappointed 😢
2 reviews
GB
Rated 1 out of 5 stars
38 minutes ago

Web of Lies 🥲
From the start the relationship was built on a web of lies and false promises to get my house instructed. I was told they would qualify the potential buyers before they were able to view, they had a pool of people they could contact that were looking for my type of house and that they would be available to follow up on viewings. None of the former was true!

In light of the above I wanted to cancel my instruction but as you can imagine I had paid my money and they would not let me. Had to continue under protest otherwise lose my money.

Their Sales Support team leave a lot to be desired, aside from confirming that you have a sale, they do nothing more. That is where their involvement starts and ends. Any questions they refer you to your Conveyancer.

In a word the service was POOR!

Definitely NOT to be repeated!
Date of experience: 10 February 2023

———;——̵2;—

Rosalind
2 reviews
GB
Rated 1 out of 5 stars
2 hours ago
As the saying goes, ‘buy cheap, buy twice’…
My partner and I finally decided to put our flat on the market in late summer 2022 – we’d been impressed by the PB representative who did our valuation several months previously as she seemed very professional and knew the local area well. However, we actually ended up with a different person as our Local Property Partner who was less impressive – our first warning should’ve been that the advert text she sent us to approve was basically a copy and paste of the old advert from when we bought the flat in 2015 (which was still available on the Zoopla archives). However, we rewrote it, approved the photos (which were not amazing, but adequate), advertised our flat at the price PB recommended and hoped for the best! And got no viewings. Having chased the Local Property Partner in late September for a meeting to discuss next steps, we finally had one viewing in late October (but no offer). After that, we had absolutely no contact from her until the end of January 2023 when we advised that we were switching to another EA. To be fair to PB, their model is designed for a buoyant market, where properties sell without much EA intervention. However, when the market isn’t buoyant (we unknowingly timed our launch days before the mini-budget), they have absolutely no incentive to put any effort into selling your property as they already have your money. The level of support/customer service we received from our Local Property Partner was also extremely poor.
Date of experience: 31 January 2023

———;——̵2;—-

yasmin
4 reviews
GB
Rated 1 out of 5 stars
19 hours ago
Avoid these at all cost
Avoid these at all cost, they just drag there feet with everything I had agreed to put my house up for sale in January it is now the end of February and my house is still not on the market. I have been waiting for there compliance team to confirm my I.d I have had 2 telephone appointments and no one still have called me. I will be taking there for sale stick out of my garden and finding a proper estate agents to sell my home.
Date of experience: 25 January 2023

Reply from Purplebricks UK
6 hours ago
Hi there, Yasmin. We appreciate you taking the time to leave your feedback. We're disappointed to hear that you've had a negative experience with our service, and we apologize for any delays or inconvenience caused. We will absolutely share your feedback with all of the relevant teams and use your thoughts to improve our service going forward.

To allow our Customer Services team to take a look into this, we kindly request that you submit a general enquiry through our website. Please provide as much detail as possible and quote 'Trustpilot' so that they can provide the appropriate support. You can submit an enquiry by visiting the following link: hxxps://www.purplebricks.co.uk/contact-us

Thank you again, Yasmin.

———;——̵2;——R12;—

Consumer
3 reviews
GB
Rated 1 out of 5 stars
20 hours ago
Lost our sale
Lost our sale, forever home and affordable mortgage after one of the most stressful years of my families life because of Purplebricks incompetance. You or anyone involved in your chain (ours should have only been two) will not be able to get hold of their after sales team or their Solicitors. Test the number/email before you use them! Purplebricks won't even use the Conveyancer they allocated our file to anymore due to their incompetance. Even though we was told we would not be invoiced because of the terrible service costing us hundreds in fees we have still been invoiced!! The stress is never ending. If you do nothing else today use the other estate agent! It started in Feb 22 and is still ongoing. Was a two property sale.
Date of experience: 25 February 2023

Reply from Purplebricks UK
5 hours ago
Hi there. This is absolutely not the standard of service that we strive to provide and we really do apologise that you've been unable to contact the team. It's disappointing to hear that you were charged despite being told that this would not be the case. Our Customer Services team are best placed to assist you and we would recommend reaching out to them so that they can do so. Could we please ask that you submit a general enquiry via the following page, quoting 'Trustpilot' and providing as much detail about your experience as possible? - hxxps://www.purplebricks.co.uk/contact-us

Customer Services will then investigate further before getting in touch with you directly to help get this sorted. Thank you.

———;
Posted at 17/2/2023 14:03 by adrian j boris
AOL.

Purplebricks eyes sale after slashing costs and warning of losses

Press Association

Anna Wise, PA Business Reporter

17 February 2023, 1:01 pm

Online estate agent Purplebricks could be up for sale itself after revealing its turnaround plans have been costlier than expected and it is set to sink deeper into a loss this year.

The platform, which connects buyers, sellers and landlords with property experts, has been steaming ahead with a turnaround plan in efforts to slash costs and return to a profit.

The firm already has a redundancy programme in place and had managed to make initial savings by reducing the numbers of staff working across the business, closing offices and cutting the marketing budget.

It said on Friday it has identified a further £4 million of annual cost savings since announcing a new £17 million target in December.

But it warned investors that its actions have caused more disruption to sales than it initially thought, in efforts to bring down costs and make the business more efficient.

As a result, the group has taken a hit in one-off costs of around £1.2 million since November.

It told investors it expects to see full-year revenues of between £60 million and £65 million for the year to April 30, and adjusted operating losses of between £15 million and £20 million.

It comes after it reported adjusted operating losses of £8.4 million for the six months to October 31, the first half of its financial year, which was ten times bigger than the £800,000 in losses it reported the previous year.

Shares in the business tumbled by around a fifth on Friday, following the announcement.

But Purplebricks maintained that the business and brand has “significant value”, and that it may be better off under different owners.

It said in a statement: “The board recognise that the potential of the group may be better realised under an alternative ownership structure, and has, therefore, decided to conduct a strategic review of the group’s business with the aim of delivering maximum value for shareholders.

The review “may or may not result in a sale of the company”, it said.

Purplebricks said it is not currently in talks with any potential buyers nor has it received any offers.


Housing market

A view of the money pit, a piece of 3D art commissioned by Purplebricks intended to represent the amount of money people waste on commission with high-street estate agents when selling property, High Street Birmingham (Fabio De Paola/ PA)

Helena Marston, the chief executive officer, said: “We have undertaken a huge amount of work in the last nine months to improve our sales business, raise standards, establish Purplebricks Financial Services, and stabilise lettings, all of which means the company has never been in better shape for the future.

“Yes, the actions we have taken have caused more short-term disruption to our third-quarter performance than anticipated, but we remain confident in returning to positive cash generation in the early 2024 financial year.

“We recognise that our upside potential is not currently reflected in our market valuation, which is why the entire board has therefore concluded that a strategic review is now in the best interests of all shareholders.”

Purplebricks’ share price has more than halved over the past year as it revealed widening losses.

One of its shareholders, Lecram Holdings, which has a 5.16% stake in the business, hit back at the group’s plans for a sale.

Lecram said in a statement: “It is regrettable that the lack of relevant experience at the helm of Purplebricks, which we highlighted last June, has led the company to arrive at this unfortunate juncture.

“We are calling for a swift conclusion of the strategic review and, should it not lead to an acceptable offer for the company, that the chairman immediately stands down and the board, in consultation with us and other shareholders, brings in someone with the knowledge and capability to guide Purplebricks back to profitability.”;

Lecram has previously criticised the company’s leadership and lack of financial improvement. It has campaigned for the removal of Purplebricks’ chairman, Paul Pindar, and the appointment of Rightmove and Countrywide founder Harry Hill as a director.
Posted at 01/9/2022 20:53 by kreature
I just read that through……;…what they say in those reviews is not necessarily a true reflection of the average up-to-date experience is it. Here are some other very recent reviews:

‘Sold a property through Purple Bricks with Simon Allen. From start to finish Simon was attentive to our requirements always answering our queries promptly. He led us through the 'selling' process from start to finish. He then gave an accurate and detailed write up for our property highlighting all of it's positive attributes resulting in a good level of interest from day 1 of the advert being placed on Rightmove. We were then assisted by Bethan Maybury who assisted with the viewing process. Here again, we were kept fully informed of bookings taken, appointments made and the position potential buyers were in. During the process I also used the Purplebricks website and App both of which were easy and useful to use.
The net result of this was the sale of our property, for the full asking price, within 8 days of the advert going live.
I thoroughly recommend Purplebricks as we've had top service from start to finish. On top of all of this they also gave us the most competitive price to boot’

‘ I have had a great experience with Purple Bricks and felt hugely supported through what is always a stressful time. Caroline Vimpany and Isabel Jansen have been amazing. Every one of my calls picked up, communication from them has been proactive and they have been quick into action at every turn. Great service all round
Great service from purple bricks who kept me informed every step of the way, they were very helpful in making the house sale a success.’

' Big Thank You To Purple Bicks.
Well what can I say but thank you purple bricks platform and service is A1... My Agent cherrie Stokes was brilliant everything explained and was brilliant with negotiating on my behalf when needed. Platform was brilliant. Easy and self explanatory. Would advise anyone who is planning on selling house to have a seamless experience in selling. Thank you Purple Bricks and Cherrie Stokes (Cannock Area).’

Etc
Posted at 27/5/2022 23:23 by kreature
Yeah, sad to see staff go but surely the home owners can do all the work if empowered with a camera phone.

Home owners do all the work anyway, including sitting on the appreciating asset for decades, gardening etc.

As long as Purp share price isn’t being inadvertently manipulated for a takeover, then surely a good punt at 15p ?
Posted at 15/4/2022 11:17 by bc4
Just to remind shareholders of recent director buys

Purplebricks Group PLC Director/PDMR Shareholding
15/03/2022 5:33p

Director/PDMR Shareholding

Purplebricks Group plc (AIM: PURP), a leading UK estate agency business, has received notification that Senior Independent Non-Executive Director Simon Downing purchased 1,000,000 ordinary shares of GBP0.01 pence each in the share capital of the Company ("Shares") at a price of 16.3p per Share on 11 March 2022. Following the purchase, Simon Downing holds 1,891,384 Shares in the Company representing 0.62% of the total issued share capital.

Purplebricks Group PLC Director/PDMR Shareholding
17/03/2022 10:33am
UK Regulatory (RNS & others)

Purplebricks (LSE:PURP
Director/PDMR Shareholding

Purplebricks Group plc (AIM: PURP), a leading UK estate agency business, has received notification that Sharon Pindar, a person closely associated to Chairman Paul Pindar, purchased 112,500 ordinary shares of GBP0.01 pence each in the share capital of the Company ("Shares") at a price of 15.75p per Share on 11 March 2022, and a further 587,549 Shares at a price of 18.19p per Share on 15 March 2022. Following the purchases, Paul and Sharon Pindar together hold 11,527,276 Shares representing 3.76% of the total issued share capital.

The Company has also received notification that Elona Mortimer-Zhika, Non-Executive Director, purchased 37,500 Shares at a price of 15.75p per Share on 11 March 2022 and a further 205,650 Shares at a price of 18.19p per Share on 15 March 2022. Following these purchases, Elona Mortimer-Zhika holds 243,150 Shares representing 0.08% of the total issued share capital.
Purplebricks share price data is direct from the London Stock Exchange

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