Purplebricks set to leave stock market after sale to rival

Today is the last day Purplebricks is to be listed on the AIM stock market after its sale to rival Strike for £1.

Purplebricks will now be now operating as a private company, with the two businesses to run separately initially.

Shares in Purplebricks have plummeted in recent months and are now trading at a rock bottom price.

The board, including chairman Paul Pindar and CEO Helena Marston stood down under the terms of the Strike deal.

The company was put up for sale in February after admitting all other survival strategies had been exhausted.

Both businesses will eventually come together under the ‘Purplebricks‘ name so the Strike brand will disappear.

New prices

Purplebricks announced last week it would sell homes for £999 replacing the previous pricing structure of a £1,499 London selling fee plus a £1,349 fee across the rest of the UK.

Dominique Highfield, the CFO, who is the only senior officer to survive the deal, said it was an “enormous achievement” for Purplebricks to find a rescue buyer.

“This was an enormous achievement in the circumstances and a big test of our resilience, averting the negative consequences of a no deal.”

Highfield went on to say in a LinkedIn post: “The power of two online estate agents combined is set to truly disrupt the market.

“We have already slashed our prices and removed the London premium, making our proposition even more competitive.”