£1 Purplebricks sale to Strike agreed by shareholders
At a General Meeting held on Friday, Purplebricks' shareholders agreed by a vote of 91% majority to the sale to rival, Strike.
Purplebricks is to be sold to rival Strike for £1 after 91% of the troubled agency’s shareholders agreed the deal today.
The deal brings to an end a process started in February when Purplebricks was put up for sale after the firm’s board admitted all other survival strategies had been exhausted.
“Following the passing of resolutions at the GM (General Meeting), completion of the business and asset sale to Strike … will take place today,” a statement from Purplebricks to the City reads.
The two businesses will run separately to begin with, but the plans is to merge both businesses under the ‘Purplebricks‘ name so the Strike brand will disappear. The company will be known as ‘Bricks Newco plc’ initially from today.
Shareholders also agreed that the agency will leave the AIM market on 15 June and become a private company.
Board to go
The board at Purplebricks, including chairman Paul Pindar and CEO Helena Marston, are to stand down under the terms of the deal. Only CFO Dominique Highfield is to stay on.
Sam Mitchell, CEO of Strike, says: “We are delighted that shareholders have voted in favour of bringing Purplebricks together with Strike to build a new force in UK estate agency.
“We can’t wait to unleash the potential of one of Britain’s best known brands, and look forward to updating you on our exciting plans in the months ahead.”
Sir Charles Dunstone (pictured) is a major backer of Strike through his Freston Ventures business, and is also well-known for his involvement in household brands such as Talk Talk and Carphone Warehouse.
Delighted to see them go as I never believed they could survive. Two very rich brothers who set this up with a gullible public that all thought Estate Agents charge too much!
You say ‘rich brothers’ Adrian, but they weren’t rich until they sold their grossly inflated shares in the set up that PB is. They promoted the ‘Commisery’ lie & the public briefly fell for it.
Regarding the disposal, Sale Agreed in PB lingo means very little as the thousands of Agents who have checked their chains will confirm!