The investment group which today withdrew an offer to buy Purplebricks says it did so because "the financial condition of Purplebricks was found to be significantly worse than expected."
Lecram Holdings has a five per cent share in the agency and on Friday it indicated it was about to make an offer of 0.5p per Purplebricks share in cash.
But this morning Purplebricks - without the consent of Lecram - revealed to shareholders that no such offer was forthcoming.
Now Lecram has this afternoon issued a bombshell statement of its own, explaining its actions. The statement says:
"Further to the announcements made by Purplebricks Group plc ("Purplebricks"), on 26 May 2023, that it had received an indicative offer proposal from Lecram to acquire the entire issued and to be issued share capital of Puplebricks, Lecram Holdings Limited today confirms that it has decided not to proceed with its indicative offer proposal and therefore it is not intending to make an offer. The reason leading to Lecram's decision not to proceed is, principally, that the financial condition of Purplebricks was found to be significantly worse than expected."
Lecram Holdings has long been a critic of the strategy of the agency’s leadership.
Over the weekend Purplebricks' board said it did not consider the Lecram proposal reflected an improvement on the proposed £1 sale to the rival online agency Strike, “particularly as regards anticipated return to shareholders and certainty for the company's other stakeholders”.
Now, with 48 hours before shareholders vote on the future of Purplebricks, it looks likely that the deal will go ahead with Strike - if that agency has not been deterred by the Lacram statement.
A rival offer could be on the cards for Purplebricks. The online...
Investors were licking their wounds yesterday after the Purplebricks’ share price...
Purplebricks’ share price hit a new low last week after it...
Purplebricks’ share price hit a new low of 9.02p yesterday despite...
The predictions game can be tricky. Sometimes you just don’t know...
Leading UK property auctioneer Bond Wolfe has broken through the £100...
Uncertainty triggered by the new Labour Government and taxation concerns that...
In today's rapidly evolving property market, the focus on reducing transaction...
.png)
An exciting new collaboration between TVPN, EstateApps and Paul Long is...
By Mike Bilboe, Face For Business Buying or selling a home can...
LSL Estate Agency Franchising is home to one of the UK’s...
.jpg){kind=logo}
B-hive Block Management Partners Celebrates Major Milestone With Over 100 Businesses...
.jpg)
Tell us a little bit about National Home Move. We are a...
If you’re thinking about becoming an Estate Agency franchise or converting...
Estate agents and lettings agents have a legal obligation to protect...
You don’t have to simply accept things as they are when...
From the uptick in house sales in January to a house price...
Happy birthday to us….and all members of the The ValPal Network! We...
With a combined value surpassing £7.4 trillion, the UK’s 29 million...
%20-%20IMAGE%20Client%20Accounting%20%E2%80%93%20what%20are%20your%20options.jpg)
The benefits for letting agents to outsource their client accounting is...
When almost all agents and developers use the tried and tested formula...
I think we can all agree that the National Trading Standards...
.png)
As domestic battery storage systems become increasingly prevalent in UK homes,...
.png)
A team from The ValPal Network joined industry Facebook ads expert...
.png)
In this interview, Riccardo Dawson, Chief Operating Officer at Alto and...
%20(002).png)
In today's fast-paced and ever-evolving property industry, it’s essential that forward-thinking...
A client account is essential to your lettings business, but the...
As electric vehicles increasingly populate our roads and the necessity for...
As estate agents, it is important to make sure that your...
Estate agency has changed. No longer is it required to sit in...
Changes to consumer behaviour usually arrive in waves. Most of the...
At iamproperty we are excited to share the announcement of our...
It’s no secret – 2023 is a difficult year for the...
In an exclusive interview with Estate Agent Today, Simon Coaker, Sales &...
2023 has been coined as ‘the year of AI adoption’, and...
%20(002).jpg)
There are a few common questions that arise when the issue...
As a signage company we know we have a serious responsibility...
The Government’s mini budget on September 23 was anything but ‘mini’...
Agent websites have become more crucial than ever in attracting new...
.png)
Who are you and what does it say on...
Who are you and what does it say on...
Who are you and what does it say on...
Join the conversation
Jump to latest comment and add your reply
Tik Tok....
Is it Lecram or Lacram ?
As Liam Neeson once heard down the other end of the phone "Good Luck"
Finances are worse than expected. I think that applies to most of us ha ha ha.
No doubt the board continue to enjoy healthy salaries during this debacle of their making.
Please login to comment