UK's Purplebricks weighs sale in strategic review

Sign for online estate agent Purplebricks is pictured outside a property in London
A sign for online estate agent Purplebricks is pictured outside a property in a residential street in London, Britain, November 24, 2021. REUTERS/May James

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 million), said since its strategic review announcement last month it has received interest from several parties that the board wishes to pursue. read more

Sky News reported late on Wednesday that Purplebricks founder and former Chief Executive Officer Michael Bruce has been considering floating an offer to regain control over the company.

The report of re-emergence of Bruce comes nearly four years after he had stepped down as CEO of the company.

Purplebricks did not respond to a Reuters request for comment on the report, while a representative for Bruce could not be immediately contacted.

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. read more

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 details on the review.

($1 = 0.8284 pounds)

Reporting by Chandini Monnappa in Bengaluru; Additional reporting by Kanjyik Ghosh; Editing by Eileen Soreng, Sherry Jacob-Phillips and Maju Samuel

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