Profile image
By ProactiveInvestors (Reporter)
Contributor profile | More stories
Story Views

Last Hour:
Last 24 Hours:

Estate agent Purplebricks raises £50mln as it takes the brand Stateside

Thursday, February 23, 2017 1:47
% of readers think this story is Fact. Add your two cents.

Online estate agency Purplebricks (LON:PURP) successfully raised the £50mln it was looking for from City investors less than 24 hours after announcing the cash call.

The new funds will be used to take the concept to the US in an ambitious land-grab.

The plan is to launch in a number of key States, with the company saying America, a graveyard for many UK firms including Marks & Spencer plc (LON:MKS), was the “next logical step”.

Almost 23mln shares were placed at 220p each by Zeus Capital, Peel Hunt and Investec.

Announcing the fundraise on Wednesday, chief executive Michael Bruce said: “Our customer proposition of high quality service and value, delivered through the combination of technology and people, is driving irreversible change in the UK and Australian markets.

“We are confident that with our understanding of the US market and our experience from having already launched in two markets, Purplebricks can build a significant business in what could be one of the most fascinating and rewarding real estate markets in the world.

“As with our UK and Australian launches we will adopt a state-by-state roll out strategy.

“The funds raised through the placing will not only be deployed to build the Purplebricks brand in the US but, also, the people and infrastructure needed to manage rapid growth in that market.”

Story by ProactiveInvestors


We encourage you to Share our Reports, Analyses, Breaking News and Videos. Simply Click your Favorite Social Media Button and Share.

Report abuse


Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Top Stories
Recent Stories



Top Global


Top Alternative




Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.