Online-only estate agent Purplebricks is mulling a sale of the business, as it looks set to make a £20m loss.
In a trading update this morning, Purplebricks said implementation of its turnaround plan “has continued apace”, but had further disrupted the business.
The group now expects to deliver revenue for FY23 of between £60m and £65m, and an adjusted EBITDA loss of between £15m and £20m.
Online-only estate agent Purplebricks is mulling a sale of the business, as it looks set to make a £20m loss.
In a trading update this morning, Purplebricks said implementation of its turnaround plan “has continued apace”, but had further disrupted the business.
The group now expects to deliver revenue for FY23 of between £60m and £65m, and an adjusted EBITDA loss of between £15m and £20m.
It has now launched a strategic review of the business and appointed Zeus as to assist.
It added: “The board recognise that the potential of the group may be better realised under an alternative ownership structure… The outcome of the Strategic Review may or may not result in a sale of the company or some or all of the group’s business and assets.”
Chief executive Helena Marston 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 Q3 performance than anticipated, but we remain confident in returning to positive cash generation in early FY24. 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.”
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