Axel Springer Buys Up More Purplebricks, Bruces Sell

German media company Axel Springer SE has doubled its stake in online agent Purplebricks.

Axel Springer paid £1 per ordinary share, in total £43.6m, for its latest holding. The company now owns 26.6% of Purplebricks, up from the 12.4% stake acquired as of March 2018.

Founder of Purplebricks Michael Bruce and his wife Isabel sold their entire holding of 11.02% of Purplebricks. It is believed Kenny Bruce has also sold his shares.

The latest development comes after Purplebricks announced the closure of its Australian operation, and a review of its US operation together with Michael Bruce standing down as Chief Executive last month.

The Purplebricks saga really is a story that seems to run and run: Many in the property industry will be eagerly waiting to discover what might happen next, and especially what future plans Axel Springer might have. Others might look on with some envy at what the Bruce’s have achieved with a company started from scratch just seven years ago and which still hasn’t really proven it has a long term future.

Source London Stock Exchange
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