Online estate agent Purplebricks sold for £1, risking 750 jobs

Charles Dunstone-backed Strike to cut costs at troubled firm that was once valued at more than 1.3bn

Purplebricks, the once high-flying online estate agent that reached a peak valuation of more than 1.3bn, has been sold to Charles Dunstone-backed rival Strike for 1 with all of its more than 750 staff put at risk of redundancy.

The company, which had threatened to shake up the property market with its low-cost model, put itself up for sale in February after issuing a string of profit warnings that resulted in its market value plunging to just 30m.