London Daily

Focus on the big picture.
Friday, Jul 04, 2025

Online estate agent Purplebricks sold for £1

Online estate agent Purplebricks sold for £1

The company, which prided itself on a low-cost model for customers, had been suffering financially and put itself up for sale earlier this year.
The troubled online estate agent Purplebricks has revealed a sale of the business to rival Strike, for the token sum of just £1.

Purplebricks Group, which put itself up for sale in February after a series of profit warnings, said it had entered a conditional agreement to transfer its business to Strike that would include the assumption of its liabilities.

Purplebricks said the proposed sale would be expected to deliver a small return to shareholders though, in practice, they would be all but wiped out.

Shares, which have plunged in recent times to value the company at around £4m, were down 46% on the news at 0.8p

They had stood above 500p a share at their 2017 peak.

The company, founded by brothers Michael and Kenny Bruce in 2012, rose to prominence through its fixed fee approach to property sales.

Strike is best known as an agency that claims to be able to sell a property for free.

Purplebricks had a turbulent 2022 as it struggled with a new operating model, had at least three major management reshuffles and one of its top 10 shareholders - Lecram Holdings - called for the removal of Paul Pindar as chairman.

In February, the firm said its board had recognised that the potential of the group may be better realised under an "alternative ownership structure" and had decided to conduct a strategic review.

The sale announcement was made a week after Purplebricks said it was negotiating a possible deal with Strike, which at the time, had said it did not intend to make an offer.

Commenting on the company's demise Rhys Schofield, managing director at Peak Mortgages & Protection, said: "When they launched and were the new kid on the block they genuinely caused huge disruption with their low fee model, unburdened of the costs of an expensive high street office.

"Gradually however, the novelty wore off, new players came in and estate agents no longer feared going up against them as they got better at explaining that the cheapest agent isn't really the one charging the lowest fee if they're going to sell your house for thousands less.

"To compound the issue, the business has seen a huge talent drain as their best staff have seemingly left en masse to go and work under other self-employed models as it's much more lucrative and rewarding."
Newsletter

Related Articles

0:00
0:00
Close
DJI Launches Heavy-Duty Coaxial Quadcopter with 80 kg Lift Capacity
U.S. Senate Approves Major Legislation Dubbed the 'Big Beautiful Bill'
Largest Healthcare Fraud Takedown in U.S. History Announced by DOJ
Poland Implements Border Checks Amid Growing Migration Tensions
Political Dispute Escalates Between Trump and Musk
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
US Senate Votes to Remove AI Regulation Moratorium from Domestic Policy Bill
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
Jury Deliberations in Diddy Trial Yield Partial Verdict in Serious Criminal Charges
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
King Charles Plans Significant Role for Prince Harry in Coronation
Two Chinese Nationals Arrested for Espionage Activities Against U.S. Navy
Amazon Reaches Major Automation Milestone with Over One Million Robots
Extreme Heat Wave Sweeps Across Europe, Hitting Record Temperatures
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
Robots Compete in Football Tournament in China Amid Injuries
Trump Administration Considers Withdrawal of Funding for Hospitals Providing Gender Treatment to Minors
Texas Enacts Law Allowing Gold and Silver Transactions
China Unveils Miniature Insect-Like Surveillance Drone
OpenAI Secures Multimillion-Dollar AI Contracts with Pentagon, India, and Grab
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Germany Votes to Suspend Family Reunification for Asylum Seekers
Elon Musk Critiques Senate Budget Proposal Over Job Losses and Strategic Risks
Los Angeles Riots ended with Federal Investigations into Funding
Budapest Pride Parade Draws 200,000 Participants Amid Government Ban
Southern Europe Experiences Extreme Heat
Xiaomi's YU7 SUV Launch Garners Record Pre-Orders Amid Market Challenges
Jeff Bezos and Lauren Sanchez's Lavish Wedding in Venice
Russia Launches Largest Air Assault on Ukraine Since Invasion
Education Secretary Announces Overhaul of Complaints System Amid Rising Parental Grievances
Massive Anti-Government Protests Erupt in Belgrade
Trump Ends Trade Talks with Canada Over Digital Services Tax
UK Government Softens Welfare Reform Plans Amid Labour Party Rebellion
Labour Faces Rebellion Over Disability Benefit Reforms Ahead of Key Vote
Jeff Bezos and Lauren Sánchez Host Lavish Wedding in Venice Amid Protests
Trump Asserts Readiness for Further Strikes on Iran Amid Nuclear Tensions
North Korea to Open New Beach Resort to Boost Tourism Economy
UK Labour Party Faces Internal Tensions Over Welfare Reforms
Andrew Cuomo Hints at Potential November Comeback Amid Democratic Primary Results
Curtis Sliwa Champions His Vision for New York City Amid Rising Crime Concerns
Federal Reserve Proposes Changes to Capital Rule Affecting Major Banks
EU TO HUNGARY: LET THEM PRIDE OR PREP FOR SHADE. ORBÁN TO EU: STAY IN YOUR LANE AND FIX YOUR OWN MESS.
Trump Escalates Criticism of Media Over Iran Strike Coverage
Trump Announces Upcoming US-Iran Meeting Amid Controversial Airstrikes
Trump Moves to Reshape Middle East Following Israel-Iran Conflict
Big Four Accounting Firms Fined in Exam Cheating Scandal
NATO Members Agree to 5% Defense Spending Target by 2035
Australia's Star Casino Secures $195 Million Rescue Package Amid Challenges
UK to Enhance Nuclear Capabilities with Acquisition of F-35A Fighter Jets
×