Purplebricks Shareholders Back Deal With Strike for GBP1

By Joe Hoppe

Purplebricks Group said Friday that shareholders voted overwhelmingly in favor of the sale of the business to peer Strike for a nominal consideration of 1 pound ($1.25).
The estate agent said the sale of substantially all of its business and assets to Strike–which will also assume Purplebricks’ liabilities–was approved by 91.15% of voting shareholders. The board had unanimously recommended approval.

Around 85% of shareholders also approved the cancellation of the company’s shares trading in London, a change of name to Bricks Newco PLC and the reregistering of the business as a private limited company.
Shares are expected to be cancelled around June 16. As previously disclosed, Chief Executive Helena Marston has resigned from her role effective immediately. Purplebricks said in mid-May that, with the exception of Chief Financial Officer Dominique Highfield, the rest of the board plan to step down following cancellation of shares.
All other employees will transfer to Strike, though headcount reductions are expected short term.
Purplebricks put itself up for sale on Feb. 17, simultaneously cutting its fiscal 2023 guidance. It said at the time that the company’s brand and business has significant value, but the potential of the group might be better realized under an alternative ownership structure.
Shares at 1310 GMT were down 0.04 pence, or 7.4%, at 0.47 pence.
Write to Joe Hoppe at [email protected]