‘Exciting plans’ ahead as Strike completes Purplebricks takeover

The boss of new Purplebricks owner Strike has said he has “exciting plans” for the brands.

It comes as Strike was officially handed the keys to its online rival Purplebricks on Friday after shareholders backed a takeover.

Sam Mitchell, chief executive of Strike, told Estate Agent Today: “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.”

Both brands will initially operate separately but Mitchell previously hasn’t ruled out just using one, with many expecting the better known Purplebricks name to remain.

Purplebricks agreed a takeover approach for its assets and liabilities worth £1 from Strike last month.This was approved by shareholders on Friday and means Purplebricks business, assets and all of its liabilities will transfer to Strike Limited.

Purplebricks will retain up to a maximum of £5.5m of its cash reserves at deal completion and these net proceeds will be returned to Purplebricks shareholders following transaction costs.

The Purplebricks brand will delist from the Alternative Investment Market on 16 June and is set to change its name to Bricks Newco plc.

Helena Marston has also resigned from her role as chief executive and a director of the company following the vote.

Its share price hit a new low of 0.41p at the end of trading on Friday, down 99.6% from Purplebricks’ public listing price back in 2015 and a long way from its peak of almost 500p that was reached in 2017.