Purplebricks has announced a media-for-equity investment from ITV with a value of up to £4.5 million.
Acquired in 2023 by Strike, the estate agency group is backed by Sir Charles Dunstone’s Freston Ventures.
Sam Mitchell, CEO of Purplebricks, said:
“This is an exciting moment for Purplebricks as we partner with ITV in a significant media-for-equity deal.
“The process for buying and selling properties hasn’t changed in almost 200 years, but thanks to Purplebricks, customers are now able to sell their home for free, with no hidden costs.
“ITV will help us take that message to homes across Britain as we continue to build on the strong momentum of the past six months and look forward to further growth in the future.”
Yawn …..
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Deal will obviously help PB raise profile at a lower cost but if no cash injection involved, will not assist any cashflow aspects.
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“customers are now able to sell their home for free, with no hidden costs”
Yawn!
The amount it will cost them in selling too cheaply will surely make an agents fee look very attractive!
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There is one born every minute !
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And so the decision makers who should know better continue throwing £x millions into the furnace…
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Maybe their next marketing message will be to sell your home for shares in the property their buyer is selling. No money changes hands, but you now own 1% of a terraced house in a rubbish area. Cos it’s a good deal, innit?
Or something.
Who’s running PB these days? Private Walker?
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More TV ads to enhance brand awareness – oblivious to the fact that message gains attention and then engagement.
What’s the message??,?
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Imitating Traditional Values
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Seems a good way to get more brand exposure without impacting their cash position, shareholder must be “happy” to take a small equity hit.
In terms of purple bricks, providing a customer goes into the deal knowing the impact it could have re valuations etc then having a potential free sale option as a choice feels like a good thing to me. More than enough estate agents willing to take many thousands of £’s from anyone who prefers to go down that route so choice has to be a good thing in a high functioning, competitive market place.
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Marketing is ‘free’ with most traditional estate agents, who offer a ‘no sale = no fee’ service. The agent who offers the best value is the one who leaves the seller with the most money in their pocket after completion, whether the agent charged a fee or not.
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