‘We are sorry’ – Boomin confirms it is entering liquidation

Boomin users have been emailed this afternoon to confirm that the challenger portal has “reluctantly” been placed into liquidation.

An email from its founder and former Purplebricks boss Michael Bruce, seen by Estate Agent Today, said agents and consumers need a “next generation” portal and he is sorry to have been unable to deliver it.

The message said: “It is with deep sadness and huge regret that we have reluctantly decided to place Boomin into a formal process of liquidation.

“Timing has not been our friend. Our move to a fee paying, revenue generating model from April 2022 coincided with the start of the economic slowdown and the drying up of funding. In-line with most tech company scale-ups we overhauled our business model to reflect the new market conditions, sharpening our focus on our key differentiated products and improving efficiencies to bring forward the point where we reach breakeven and generate positive cashflow.

“Notwithstanding a successful partial raise in the spring and my own continued financial backing of Boomin there was always a need for a follow-on external funding round to secure our pathway to profitability. Whilst we had a plan, support from a number of existing shareholders and a solution with a new investor the progressively worsening economic situation in the UK, combined with increasing uncertainty in the housing market, has resulted in us being unable to get the necessary funding round over the line in time to enable us to continue at this time.

“We believe more than ever that agents and consumers need a next generation portal that works harder for them and delivers tangible results. Your support, dedication and belief in Boomin has been inspiring and we have been enormously grateful for it. We are sorry that we have not been able to deliver for you at this time.”