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Estate agent Purplebricks raises £50mln as it takes the brand Stateside
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
Source: http://www.proactiveinvestors.com/companies/news/173601/estate-agent-purplebricks-raises-50mln-as-it-takes-the-brand-stateside-173601.html
