Estate agency Strike made big loss before Purplebricks deal

Hybrid firm reports a £19.7 million loss during the year before it bought rival for £1, latest documents show.

Strike Purplebricks

Purplebricks owner Strike made a loss of £19.7 million in the year before it bought the troubled agency for £1, it has emerged.

Accounts for the hybrid firm show it struggled in the year to the end of March last year, blaming interest rate rises and the disastrous Mini Budget.

The annual figures published online with Companies House, also reveal Strike’s turnover was up 65% to £13.2 million and gross profit increased 79% to £7.9 million.

Job losses

But the overall loss figure was £19.7 million, which was almost identical to a deficit of £19.8 million the previous year.

The company admitted there were job losses in January last year as it “adjusted to the market”.

Strike bought its rival in May last year in a dramatic move that brought to an end a disastrous period in which Purplebricks’ profits plummeted.

The combined strengths presents a compelling opportunity for the business.”

Sam Mitchell, CEO, Strike

Sam Mitchell, Strike CEO, said in his report accompanying the accounts that the newly-merged company was well-placed: “The combined strengths presents a compelling opportunity for the business to significantly disrupt the real estate sector.

“Leveraging Purplebricks’ widespread brand awareness alongside Strike’s distinct approach to the real estate market, the company believes it is uniquely positioned to offer a strong value proposition,” he says.


Hybrid agencies like Purplebricks and Strike saw their market share bomb in the last few years, figures from TwentyEA revealed.

Purplebricks witnessed its market share sink by 40% in a year, and Strike lost more than 30% of its slice over the same period. Meanwhile, rival Yopa remained stable with a smaller share.

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