The Purplebricks share price has been on a terrible run of form, plummeting over the past 12 month, owed to a string of problems relating to a combination of regulatory mishaps and a severe downturn in the housing market.

But the online estate agency closed up 11% yesterday, following the news that the firm has entered a formal sale process following takeover offers, with the company’s former chief executive and co-founder, Michael Bruce, strongly believed to be among those preparing a bid to buy the struggling online estate agency.

It has been suggested that Bruce, who founded the business, with his brother, Kenny, just over a decade ago, is considering combining the technology from his failed Boomin business with that of Purplebricks.

EYE approached Purplebricks for fresh information yesterday, but the company was quite understandably not willing to comment further on the current situation, including potential bids.

Purplebricks has appointed Zeus Capital Limited and PricewaterhouseCoopers LLP (PWC) as its financial advisers with regards to the Strategic Review, the Formal Sale Process and any offer for the Company that may be forthcoming.

Parties interested in submitting any expression of interest or other proposal relating to any strategic option for the Company, have bene asked to contact PwC.

The online estate agency says it is currently expected that any party interested in submitting any form of proposal for consideration within the Formal Sale Process will, at the appropriate time, be required to enter into a non-disclosure agreement and standstill arrangement with the Group on terms satisfactory to the Board and on the same terms, in all material respects, as other interested parties before being permitted to participate in the process.

The firm’s share price closed yesterday at 9.3p, up 11% on the previous day, but a fraction of the 5.25p peak reached in 2017.

Purplebricks founder Michael Bruce plots bid to regain control of online estate agency