ITV agrees multi-million pound investment into Purplebricks’ reinvention
ITV is set to invest more than £4m into online estate agency Purplebricks, the first major investment in the ailing brand since it was acquired in 2023 by rival Strike.
As part of ITV Adventures Invest, its Media for Equity investment fund, the company has agreed to invest up to £4.5m of advertising inventory across ITV’s channels and ITVX in return for a minority equity stake in the company.
The new Purplebricks TV advertising campaign will launch across the UK this summer.
Sam Mitchell, CEO of the Purplebricks Group, 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.”
The investment comes at a crucial time for the property business, one year after it was bought by Strike for £1.
The announcement saw Purplebricks’ share price plummet, down 42 per cent to just over 1p, and was withdrawn from AIM just weeks later.
Shares dropped 96 per cent in the 12 months leading up to the sale.
Since taking over, Purple Bricks CEO Sam Mitchell has attempted to rebuild the business from the ground up via various initiatives, including allowing customers to sell their homes with zero fees.
Responding to ITV’s investment, Mitchell 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.”