Purplebricks, which prided itself on a low-cost model for customers, had been suffering financially and put itself up for sale earlier this year
The troubled online estate agent Purplebricks has revealed a sale of the business to rival Strike, for the token sum of just £1.
Purplebricks said the proposed sale would be expected to deliver a small return to shareholders though, in practice, they would be all but wiped out. In February, the firm said its board had recognised that the potential of the group may be better realised under an"alternative ownership structure" and had decided to conduct a strategic review.
Commenting on the company's demise Rhys Schofield, managing director at Peak Mortgages & Protection, said:"When they launched and were the new kid on the block they genuinely caused huge disruption with their low fee model, unburdened of the costs of an expensive high street office.
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