Purplebricks has just issued a statement to the Stock Exchange saying that potential buyer, Strike, has been an exclusive period to negotiate a purchase.
The statement reads:
‘Purplebricks Group plc (AIM: PURP) confirms that it has granted Strike Limited (“Strike”) a short period of exclusivity in order to negotiate a possible sale of the business and assets of Purplebricks (the “Business and Assets Sale”). The exclusivity arrangement entered into does not include provision for a break fee or inducement fee and does not restrict Purplebricks from pursuing an offer for the Company. The Formal Sale Process announced on 1 March 2023 remains ongoing.
‘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.’
Purplebricks warned yesterday that its cash reserves were under threat if clarity regarding the future of the business did not become clear soon.
Strike had a deadline of 5pm today to confirm whether it wanted to make an offer for the struggling online estate agency.
EYE NEWSFLASH: Purplebricks’ access to cash under threat as sale update issued
With previous LPEs and territory owner’s expecting a payout from the class action suit (similar to the Uber claim win) it’s going to be bankrupted.
True story.
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I’m not sure many Uber drivers set up Ltd companies to circumvent HMRC regulations and avoid PAYE and National Insurance contributions or to get around working time regulations.
The defence will be you were complicit it the wrong-doing. As business owners its reasonable the principals have (or get) an understanding of the basics of business such as IR35.
There could well be a final kick in the teeth for some those hoping for a payout and disappointment for those who simply went along with what they were being told to do.
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Get your popcorn guys. This really IS going to be like two old drunks at the bar trying to prop each other up.
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