Sam Mitchell Leaves PurpleBricks Amid Company Restructure

PurpleBricks, the U.K.-based hybrid real estate portal, has announced that Sam Mitchell, its CEO, is set to leave following a company-wide restructure that led to the elimination of his role. Mitchell, who helped found the Strike portal that acquired PurpleBricks for a nominal sum in June 2023, will depart after 18 months at the helm. During his tenure, he presided over significant changes that included separating the company into divisions focusing on sales, mortgages, and lettings, with plans for a fourth division. Meanwhile, executive chairman Andrew Harrison will oversee the company as it adjusts, maintaining an organizational structure with existing managing directors. Despite the restructure, the company's trading performance remains steady. However, economic challenges are evident, with Strike reporting a loss of £19.7 million in the year preceding its acquisition of PurpleBricks. Additionally, the company announced redundancies affecting approximately 90 positions.