Departure of online estate agent’s chief executive seems to signal reality biting after share price fall
A year ago, Purplebricks’ boast about being a “world-leading” competitor to traditional estate agents sounded cheeky, but not hopelessly so. The would-be UK disrupter had launched in Australia, Canada and the US. In doing so, it caught the eye of Axel Springer. The German publishing company snapped up an 11.5% stake for £125m in March last year, apparently confirming Purplebricks’ status as a rare beast – a UK technology startup worth more than £1bn.
Partnership with Axel Springer “will propel Purplebricks further towards our strategic goals and global ambition”, declared its co-founder and chief executive, Michael Bruce, unwisely. He has now been pushed out of the company, the victim of a boardroom coup carried out by the chairman, Paul Pindar, with the blessing of major shareholders. For good measure, the Australian operation will be shut and the one in the US will be shrunk.
Continue reading...from Property | The Guardian http://bit.ly/2JozPkQ
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