https://www.estateagenttoday.co.uk/breaking-news/2022/10/we-are-sorry--boomin-confirms-it-is-entering-liquidation?source=newsticker * * [INS::INS] [INS::INS] [INS::INS] [INS::INS] x By using this website, you agree to our use of cookies to enhance your experience. Estate Agent Today Award SEARCH Search [ ] [GO] STAY CONNECTED! newsletter-button Sign in * Sign in * New here? Sign up * * Feedback * My Account * Feedback * * Sign out x Make Today's Website as home page make-it-home-page Menu [ ] * Estate agent today + News + Features + Guides & Tips NEW + Trade Directory + Archive + Advertise with us * Letting agent today + News + Features + Guides & Tips NEW + Trade Directory + Archive + Advertise with us * Landlord today + News + Features + Guides & Tips NEW + Trade Directory + Archive + Advertise with us * Property Investor today + News + Guides & Tips NEW + Trade Directory + Archive + Advertise with us * Property Jobs Today + Home + Find a Job + Search Recruiters + Recruiters New [INS::INS] [INS::INS] * < Previous Article * 'We are sorry' - Boomin confirms it is entering liquidation Breaking News 31 October 2022 + 6031 Reads + 7 Comments Marc Shoffman By Marc Shoffman [award-2022] [award-2021] < Back + + + + + [INS::INS] TODAY'S OTHER NEWS [INS::INS] Zoopla: Buyer demand is down but house prices won't fall (yet) Increasing numbers of transactions have fallen-through and asking price cuts are increasing but the market... Analysts assess how far back Sunak can help push mortgage rates Mortgage rates look likely to fall after Rishi Sunak's appointment as Prime Minister but analysts... Trick or treat? Agent conjures up Halloween marketing video The team behind Greater London Properties (GLP) have come up with a Halloween marketing treat... Regional agent marks record month for home moves Worcestershire estate agent Nicol & Co is celebrating its "busiest month ever" for house moves. It... Property Jobs Today - the movers, shakers and people in the news There have been plenty of new jobs being started outside of Wesminster this month. Here are... x Share to Friend Friend Name [ ] Friend Email [ ] [ ] [ ] [ ] [ ] Message [ ] [Send] '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. 1. 2. [INS::INS] [INS::INS] [INS::INS] [INS::INS] [INS::INS] [INS::INS] [INS::INS] [INS::INS] "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." Tags: + Boomin + Michael Bruce + Purplebricks + portal [INS::INS] [INS::INS] Previous Subscribe to comments + + + Share this article + + + + + Previous Share this article + + + + Subscribe to comments + + + x Share to Friend Friend Name [ ] Friend Email [ ] [ ] [ ] [ ] [ ] Message [ ] [Send] [INS::INS] Join the conversation Sign in Jump to latest comment and add your reply + icon o David Jeffrey o 31 October 2022 17:37 PM More commissery !! o Login to Reply o Login to like comment o 3 o Login to Report o o icon [ ] [ ] [ ] [ ] [ ] [ ] [Comment] + icon o Agent S o 31 October 2022 17:39 PM cant stop laughing! o Login to Reply o Login to like comment o 0 o Login to Report o o icon [ ] [ ] [ ] [ ] [ ] [ ] [Comment] + The Duchess o The Duchess o 31 October 2022 17:46 PM Feel the clue was in the title boom (or bust). Have to say I do not normally laugh at people's misfortunes, as we all work hard, but am sure Michael Bruce will not be personally affected so have to confess have had a snigger. o Login to Reply o Login to like comment o 0 o Login to Report o o icon [ ] [ ] [ ] [ ] [ ] [ ] [Comment] + icon o Neil Gibson o 31 October 2022 17:55 PM All they care about is making PROFITS using other peoples money and then a lucrative personal exit strategy further down the line - yes, your damn right the timings not right! o Login to Reply o Login to like comment o 2 o Login to Report o o icon [ ] [ ] [ ] [ ] [ ] [ ] [Comment] + Algarve Investor o Algarve Investor o 31 October 2022 18:03 PM What's more worrying is some people bought into it and were willing to give them a second chance despite them denigrating traditional agents for so long. This was always going to end badly, given the bungled way it began in the first place, I'm just surprised it took this long. As soon as Boomin had no USP or differentiator, that was it for the whole project. o Login to Reply o Login to like comment o 2 o Login to Report o o icon [ ] [ ] [ ] [ ] [ ] [ ] [Comment] + Chris Arnold o Chris Arnold o 31 October 2022 20:02 PM So much for the power of TV ads and expensive marketing agencies. Third time lucky? o Login to Reply o Login to like comment o 0 o Login to Report o o icon [ ] [ ] [ ] [ ] [ ] [ ] [Comment] + icon o John Burns o 31 October 2022 22:37 PM Crocodile tears o Login to Reply o Login to like comment o 0 o Login to Report o o icon [ ] [ ] [ ] [ ] [ ] [ ] [Comment] icon Please login to comment [ ] [ ] [ ] [ ] [ ] [ ] [Comment] x Thank you for your input Please confirm you wish to report this comment as abuse. We value your safety and feedback. A moderator will review your report. Report Comment Done Subscribe! Would you like to subscribe to future comments? 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