Purplebricks is a UK estate agency and lettings business, operating a pioneering hybrid model driven by a combination of professional local property experts, technology and customer facing software. The company has grown rapidly since its launch in April 2014, with a market share in excess of 60 per cent and more than 4,300 residential properties for sale.
Purplebricks was admitted to London’s Alternative Investment Market (AIM) on 17 December 2015, with a market capitalisation of £240m. This includes a £58m fundraise. Zeus Capital acted as nominated adviser and sole broker on the transaction.
Following the transaction, Purplebricks aims to change the whole experience of selling, buying and letting residential property, by providing a transparent and superior customer service at a fraction of the cost of a traditional estate agent.
Michael Bruce, founder and chief executive officer at Purplebricks, said: “Purplebricks’ successful listing on AIM represents a major milestone in the evolution of the business over the last four and a half years, and is testament to the team’s hard work and commitment. The funds raised will allow us to further deepen our presence across the UK through additional investment in people, technology, infrastructure and marketing to deliver our ambitious growth plans as well as value for all of our shareholders.”
Nick How, director, corporate finance, Zeus Capital, said: “Zeus Capital is delighted to have advised Purplebricks on its recent IPO and admission to AIM. From the outset, we have been very impressed by Purplebricks’ innovative hybrid service offering and the drive and quality of its entrepreneurial management team. This is an important transaction for Zeus, and we are pleased to have attracted a large number of high quality institutional investors to the company’s share register. We look forward to supporting Purplebricks as it continues to grow and enters the next stage of its development.”