Purple Bricks' Lifetime Guarantee

Peachannon

Hi, we paid Purple Bricks' agency fee 4 years ago on the basis that it would be honoured whenever we chose to sell our house.  I've now been advised that the new owners of the company will only give us six months to sell our house, after which we lose our money (c£1700).  Anyone know if there is any way of challenging this or getting our money back?  Thanks.

BarelySentientAI

What did the terms and conditions say?  Not the advert, the actual contract.

born_again

As the company you were with closed down. In a word nothing you can do, unless it was a insurance (3rd party) backed scheme.

At least you have 6 months before being charged with the new owners, which is better than the, sorry but that offered ended when they went bust.

BarelySentientAI

born_again said:

As the company you were with closed down. In a word nothing you can do, unless it was a insurance (3rd party) backed scheme.

At least you have 6 months before being charged with the new owners, which is better than the, sorry but that offered ended when they went bust.

Did they?  I thought it was a solvent takeover including ongoing contracts.

Or have they since dissolved?

born_again

BarelySentientAI said:

born_again said:

As the company you were with closed down. In a word nothing you can do, unless it was a insurance (3rd party) backed scheme.

At least you have 6 months before being charged with the new owners, which is better than the, sorry but that offered ended when they went bust.

Did they?  I thought it was a solvent takeover including ongoing contracts.

Or have they since dissolved?

Purplebricks, the once high-flying online estate agent, has been sold to Strike for £1 with more than 750 jobs at risk.

 

The struggling company had put itself up for sale after revealing it expects to lose between £15-£20m this year. The group’s potential may be better realised under an “alternative ownership structure,” according to the company’s statement.

https://thenegotiator.co.uk/news/purplebricks-final-death-throes-revealed-including-66p-share-offer/

Hoenir

Purple Bricks was delisted from the stock Exchange and sold to a private company for £1. New owners new terms. 

BarelySentientAI

born_again said:

BarelySentientAI said:

born_again said:

As the company you were with closed down. In a word nothing you can do, unless it was a insurance (3rd party) backed scheme.

At least you have 6 months before being charged with the new owners, which is better than the, sorry but that offered ended when they went bust.

Did they?  I thought it was a solvent takeover including ongoing contracts.

Or have they since dissolved?

Purplebricks, the once high-flying online estate agent, has been sold to Strike for £1 with more than 750 jobs at risk.

 

The struggling company had put itself up for sale after revealing it expects to lose between £15-£20m this year. The group’s potential may be better realised under an “alternative ownership structure,” according to the company’s statement.

https://thenegotiator.co.uk/news/purplebricks-final-death-throes-revealed-including-66p-share-offer/

Well yes, I was aware they had been sold - but that doesn't (contrary to Hoenir's suggestion) automatically void all existing contracts.

Administration would, but that sale doesn't seem to have involved administration.  Similarly if they'd just sold the rights to the name, but it wasn't that either.

Having done a bit more research - The sale to Strike reportedly included much of the assets and liabilities, before what was left of the company was liquidated.  I wouldn't expect the OP's contract to have been left in the liquidated section.

RHemmings

I'm not a business person, but I believe it depends on whether the sale was a share sale or an asset sale. 

In a share sale, the new owner takes on responsibility for (and can be held to) existing contracts.

In an asset sale, the new owner will not automatically take on such responsibility. However, the contracts can be assigned to the new owner through a process. Which may or may not happen. 

E.g. https://legalvision.co.uk/business-sale-purchase/share-sale-vs-asset-sale/

I'm not sure (and don't have time to track it down) whether the sale of PurpleBricks to Strike was a share sale or assets sale, but a few reports of the sale mention 'assets', strike having 'bought the assets' etc. Also, no mention of any contracts being transferred.

But, I haven't done enough due diligence to be anywhere near knowing the real situation. I only post because I think what's upthread is a bit ambiguous because it doesn't mention the type of sale. 

Gentoo365

Surprised me to be honest given that they make money from cross selling.

user1977

The current main trading entity (according to their website) appears to be Purplebricks Property Limited, which was only incorporated last year. It would help if the OP told us the company details of whoever they contracted with, but I would guess it's a company which is no longer solvent.

Albermarle

Anyone know if there is any way of challenging this or getting our money back?  

Regardless of the legal niceties ( as debated above), there is nothing to stop you challenging it. 

Could be this is just an opening gambit and if you complain they might extend it to 12 months, or offer a 25% refund or whatever.

I would start by just saying it is very unfair, and £1700 is a lot of money for you etc etc. They can only say no, and then you can decide whether you want to take it further. Presumably will be others in the same position and there might be something in the news/consumer programme at some point.