Purple Bricks Founder's Portal Boomin Owes £10M as Liquidator Named

Failed British challenger portal Boomin owes nearly £10 million to creditors and employees.

The portal founded by ex-Purple Bricks entrepreneurs Michael and Kenny Bruce last week resolved to wind up the company and named its liquidator as BK Plus.

According to company documents, Boomin had Net Liabilities of £2.6 million at the end of 2020, 18 months after its incorporation. The figure had more than doubled a year later and by the time the company submitted its latest documents last week it had racked up a £9.8 million deficiency.

Founder, Michael Bruce poured more than £4 million into Boomin

Founder Michael Bruce is owed £4.1 million while the HM Revenue & Customs is owed £1.8 million. Interestingly Boomin's 74 employees are named in documents as unsecured creditors owed a total of £794,904.

Boomin was founded in 2019 and launched in 2020 with the aim of taking on Rightmove and Zoopla. The portal company's moonshot was driven by the founders of Purple Bricks, Michael and Kenny Bruce. The plan was for Boomin to become "a household name in record time" but ultimately the portal fell by the wayside citing macroeconomic forces and poor timing as it went out of business in November.