Purplebricks CEO to depart after major restructure
The CEO of Purplebricks has announced his departure as the real estate agency restructures the business.
Mitchell has been CEO of Strike since 2018, after roles at Rightmove, Sotheby’s, Your Move and Foxtons.
Purplebricks is set to transition to operate across four distinct businesses in sales, mortgages, and lettings, with the fourth to be announced in the coming months.
Managing directors of each division will report to executive chairman Andrew Harrison, the former CEO of Carphone Warehouse.
The restructuring has meant Purplebricks is consulting with its 580 staff over job cuts, which could see around 90 members of staff made redundant.
Strike, a company backed by Carphone Warehouse and TalkTalk founder Sir Charles Dunstone, had changed Purplebricks’ name to Bricks Newco plc and delisted the firm from trading on AIM last June.
A statement from Purplebricks to Property Industry Eye said: “Purplebricks has reorganised for the next stage of its journey. The group will now operate with distinct businesses in Sales, Mortgages and Lettings, with a fourth division to be announced in the coming months. These businesses will continue to be run by their respective MDs, who will report into Andrew Harrison as executive chairman.
“As part of this reorganisation Sam Mitchell, CEO, will leave the business after a transition period. Andrew, the former CEO of Carphone Warehouse, and Sam have worked together to disrupt the estate agency industry since [2017], first at Strike and then at Purplebricks following the merger of the two brands in 2023. Sam will continue to work closely with Andrew over the coming months as Purplebricks’ new structure takes shape.
“Trading remains in line with our expectations, we recently were awarded Best Online Estate Agency at the ESTAS Customer Service Awards 2024 and are the largest UK estate agency in terms of number of listings.”
Mitchell said on LinkedIn: “After seven years I am stepping down from my role as CEO.
“Some amazing memories; from all the testing we did as Housesimple, to launching Strike in the midst of a pandemic (sell your home, from your phone, for free), growing to become the second biggest agent in the country within two years, starting an FS business that wrote over £1bn in lending in just our second year, to acquiring Purplebricks, integrating the two businesses, relaunching PB, getting rid of deferred fees and mandated services, slashing prices for customers and introducing a free service getting PB back to its number one market share spot…. It’s been quite a journey.
“Thanks to everyone for all their hard work and support, as particular thanks to Andrew Harrison and the team at Freston Ventures for giving me this opportunity, it’s been a real privilege.
“I’ve been lucky enough to work with some incredible people who genuinely care about building something special for customers.
“I shall miss you all very much and will remain your loudest cheerleader.”
