Strike in talks with Purplebricks about takeover bid
Troubled hybrid estate agency has given rival Strike a deadline to put in a formal offer or withdraw.
Purplebricks has announced that a rival firm is interested in a takeover following its ‘for sale’ announcement earlier this month.
In a statement to the Stock Exchange, Purplebricks said it is in talks with hybrid agency Strike about a possible offer.
The troubled agency put itself up for sale last month in an apparent admission that a management turnaround plan wasn’t working.
Deadline
“Purplebricks notes the recent press speculation regarding a possible offer for the company by Strike Limited,” the statement said.
“Purplebricks confirms that it has been in discussions with Strike regarding their potential participation in the formal sale process announced on 1 March 2023.”
Strike has been given a deadline of 28 days until 12 April to put in a formal offer or withdraw.
Earlier this year, Sam Mitchell, CEO at Strike (main picture), confirmed that some staff were being released as it ‘adjusted to the market’.
It is considered one of the top three hybrid agencies, behind Purplebricks and with Yopa.
So a hybrid agency shedding staff is talking to another hybrid on the verge of collapse. Sounds like a recipe for disaster if there ever was one. Maybe Strike are just having a nose about by pretending they’re interested in order to learn from PB’s mistakes. Either way the traditional agents won’t exactly be shaking in their boots.