Skip to content
RealEstate Niche
Menu
  • Rent Out Property
  • Sell Home
  • Real Estate News
  • Land
  • Realtor
Menu

Purplebricks to sell out to rival UK realtor Strike for a pound

Posted on 27/05/2023 by

May 17 (Reuters) – British online estate agent Purplebricks (PURP.L), once valued at more than $1 billion, said on Wednesday it had agreed to be bought by smaller rival Strike for just one pound ($1.26).

Under the deal, Strike will assume the liability of Purplebricks, which put itself up for sale in March and spent the last week after warning it was bleeding cash.

Purplebricks grew rapidly after launching in 2014, but has faced more than a year of problems after COVID-19 that have wiped out nearly all of its stock price gains.

Its shares, which at their peak in mid-2017 traded at over 500pence each, were down 42.7% to 0.7pence at 1042 GMT.

Strike, formerly Housesimple, is backed by Carphone Warehouse founder and TalkTalk director Charles Dunstone. Last week, Strike said it did not intend to make an offer, but remained in talks with Purplebricks over buying its assets.

Purplebricks underwent at least three major management shake-ups in 2022 as Britain’s property sector cooled as higher borrowing costs and lower mortgage approvals hit demand.

After a series of failed international expansion efforts, Purplebricks changed its business model in 2021 by making its sales agents permanent employees and removing a pricing scheme that failed to lift new housing instructions.

Purplebricks, which said it had liabilities of about 33 million pounds as of Oct. 31, expects net cash proceeds of about 2 million pounds ($2.5 million) from the sale to Strike.

The AIM-listed company has posted an annual loss in every year but one since its fiscal year 2015.

Purplebricks Chairman Paul Pindar said in a statement he was “disappointed with the financial value outcome”.

“However, there was no other proposal or offer which provided a better return for shareholders, with the same certainty of funding and speed of delivery necessary to provide the stability the company needs,” Pindar added.

($1 = 0.7923 pounds)

Reporting by Eva Mathews in Bengaluru

Our Standards: The Thomson Reuters Trust Principles.

Category: Realtor
  • Exploring the World of Antique Jewelry
  • The Health Risks of a Sedentary Lifestyle vs. Active Sports
  • The Future of Nutrition: Technology-Enhanced Eating
  • The Ultimate Kitchen Cleanup Guide for Home Cooks
  • Exploring the World of International Street Food

alternative ways to sell your house buy my house home realtor home sellers house buying companies house realtor houses how do you search by mls number? how to sell your home online how to sell your house by owner how to sell your own house my realtor national association of realtors realtor realtor.com find a home realtor.com florida realtor.com mi realtor.com official site realtor.com rentals realtor.com texas realtor definition realtor homes for sale realtor logo realtor md realtor nc realtor near me realtor net realtor on realtor one realtor pa realtor pronunciation realtors realtor websites sell home by owner sell home for cash sell home online sell home quick selling a house sell my home sell my own home steps to selling a house by owner the realtor the realtors what does a realtor do yahoo real estate listings

  • Contact Us
  • Disclosure Policy
  • Sitemap
  • Exploring the World of Antique Jewelry
  • The Health Risks of a Sedentary Lifestyle vs. Active Sports
  • The Future of Nutrition: Technology-Enhanced Eating
  • The Ultimate Kitchen Cleanup Guide for Home Cooks
  • Exploring the World of International Street Food

alternative ways to sell your house buy my house home realtor home sellers house buying companies house realtor houses how do you search by mls number? how to sell your home online how to sell your house by owner how to sell your own house my realtor national association of realtors realtor realtor.com find a home realtor.com florida realtor.com mi realtor.com official site realtor.com rentals realtor.com texas realtor definition realtor homes for sale realtor logo realtor md realtor nc realtor near me realtor net realtor on realtor one realtor pa realtor pronunciation realtors realtor websites sell home by owner sell home for cash sell home online sell home quick selling a house sell my home sell my own home steps to selling a house by owner the realtor the realtors what does a realtor do yahoo real estate listings

© 2025 RealEstate Niche | Powered by Minimalist Blog WordPress Theme

WhatsApp us