The company, which had threatened to shake up the property market with its low-cost model, put itself up for sale in February after issuing a string of profit warnings that resulted in its market value plunging to just £30m.
Shares in Purplebricks plunged more than 40% yesterday, giving the company a market capitalisation of just over £2m, as the fire sale all but wiped out shareholders.
As part of the deal, Strike intends a cost-cutting drive that includes "reducing the employee base". "Strike has indicated it would like to initiate a redundancy consultation process that would likely involve all of the company's employees as soon as practicable and possibly prior to completion [of the deal]," Purplebricks said.
This story is from the May 18, 2023 edition of The Guardian.
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This story is from the May 18, 2023 edition of The Guardian.
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