Purplebricks parent Strike lands £34m as HMRC files winding-up petition
What's the deal? StrikeDealroom has a profile for this one. Try Dealroom →, the parent company of online estate agency Purplebricks, has secured a £34 million financial package from its backers, days after HM Revenue & Customs filed a winding-up petition against the business. Sir Charles Dunstone's Freston Ventures led the support, joined by asset manager Toscafund.
How it breaks down: Freston converted £25.6 million of loans into equity in June. It also teamed up with Toscafund to provide around £8.5 million in new loans, which Strike has secured against its assets.
Why now? The disclosure follows an HMRC winding-up petition, which Purplebricks blamed on an "admin error." A spokesman said: "To be clear, our liability for taxes as they are due have been dealt with and the petition is being withdrawn."
What could go wrong? Strike's 2024 accounts flagged a "material uncertainty" over its ability to continue as a going concern, warning of "significant losses" through to September 2025. Directors blamed the housing market slowdown and higher mortgage rates. The company has also yet to file its accounts for the year ending March 2025.
The endgame: The funding reshapes the parent's finances, cutting loans and facilities to £6 million this year, though that excludes about £2.5 million in short-term Freston loans. Purplebricks awaits a similar equity injection from an unnamed investor.
The backstory: Founders Michael and Kenny Bruce launched Purplebricks in 2014 as a fixed-fee challenger to traditional agents, and later floated it on the London Stock ExchangeDealroom has a profile for this one. Try Dealroom → at a valuation of around £1.4 billion. Losses mounted, an overseas push faltered, and Strike bought the business and assets for a nominal £1 in 2023. The Bruce brothers have now returned to lead the rebuild.
The signal: The package is another sizeable injection for a once high-flying disruptor, underlining how a slower housing market and steeper rates have squeezed the online estate agency model.
Read more: britbrief.co.uk
Image credit: Strike
