In a surprising development, online estate agency Purplebricks has announced the sale of its assets and business to Strike for a mere £1, subject to shareholder approval. The remaining cash in the business, estimated at £5.5 million, will be used to pay off any outstanding debts and liabilities not included in the deal, as well as reimburse shareholders. Purplebricks will continue to operate as an estate agency under Strike’s ownership.

The announcement concludes a process initiated in February by Purplebricks’ senior team to either secure additional funding or find a buyer for the company. This sale signifies one of the UK’s most significant corporate declines, as Purplebricks was once valued in the billions of pounds.

CEO Helena Marston and most of the board will resign from the company, leaving only CFO Dominique Highfield. The firm will also exit the stock market and cancel all its shares. In a statement, the directors explained their unanimous decision to proceed with the sale, citing the company’s current trading performance, liquidity position, and upcoming expiration of a key funding partner relationship.

Sir Charles Dunstone, a major backer of Strike, expressed his continued commitment to the online estate agency model, stating, “This is a positive outcome for anyone looking to sell their home and save money doing so.” He aims to merge the two brands, leveraging Purplebricks’ brand recognition and an even more disruptive business model to “supercharge Strike’s mission to democratise house selling by empowering customers to have more control over a process that has barely changed for 200 years.”