A SOLIHULL-BASED online estate agents has agreed a sale of its business to a rival for a consideration of £1.
Purplebricks, whose headquarters is on Cranmore Drive in Shirley, said it had entered a conditional agreement to transfer its business to Strike that would include the assumption of its liabilities after putting itself on the market earlier this year.
The company has more than 750 employees. Its chief executive Helena Marston is set to resign after the sale completes, and a number of directors will also step down.
Strike warned of job losses at Purplebricks, and said its boss will step down after the sale.
Sir Charles Dunstone, Partner at Strike’s joint major shareholder Freston Ventures: “We remain committed to the online estate agency model, which offers customers a much better experience at a far lower cost.
“This is a positive outcome for anyone looking to sell their home and save money doing so.
“Purplebricks has dramatically changed the industry by driving down the cost of estate agency and we aim to combine its significant brand recognition with an even more disruptive business model.
“In bringing together the two brands, we will supercharge Strike’s mission to democratise house selling by empowering customers to have more control over a process that has barely changed for 200 years.
“At Freston Ventures we are focused on building household brands that are trusted by consumers across the UK. We believe there is a better way to sell your house and through this deal, we are developing the market-leading brand to deliver it.”
The announcement sent its shares tumbling to 0.75p.
