Purplebricks receives ‘credible’ takeover bids

After putting itself on the market, online estate agency Purplebricks has entered a formal sale process.

The Solihull-based agency announced on February 17 it was set to commence a strategic review, which may result in the sale of the whole company or part of the business.

It now says it has received “several credible expressions of interest” and wants to fully explore the option of a sale. By entering the formal sales process, the board and its advisers believe it can engage more widely with interest parties.

Purplebricks has appointed Zeus Capital and PwC as its financial advisers with regards to the strategic review, the formal sale process and any forthcoming offer for the company.

The firm has also gained permission for the Takeover Panel that any company that proposes a takeover bid will not be required to be publicly identified, and will not be subject to the 28 day deadline.