Homemoving hub Smoove says it is in “early discussions” with Australian rival PEXA Group about a cash takeover for the business.  

The Aim-listed firm, which connects homebuyers, brokers, conveyancers and estate agents on its platform confirmed the move in a statement to the stock exchange this morning.  

It adds that there is “no certainty that an offer will be made for the company, nor as to the terms on which an offer may be made”.

Shares in the business, founded in 2003, jumped more than 40% to 44.8p valuing it at £25.3m.  

The firm posted sales of £19.2m last year, turning in a loss of £5.1m.  

PEXA Group, established in 2018 and run by chief executive Glenn King, runs a similar platform in the Australian market. It posted sales of A$279.8m (£150.4m) last year and moved from a loss of A$11.79m to net income of A$21.85m.  

Smoove, led by chief executive Jesper With-Fogstrup, also adds that it is “considering an alternative potential transaction proposed to it by a separate third party,” without giving further details.  

It says: “A further announcement will be made as and when appropriate.”