Purplebricks founder exits business in £44m deal

Michael Bruce, founder and group CEO of Purplebricks
Purplebricks' founder Michael Bruce has exited the company as part of a £43.7m share deal with investor Axel Springer. Bruce stood down as chief executive last month after a period of difficult trading and has now ended his involvement after seven years. He has sold his 11% stake for £33.5m, with Axel Springer spending a further £10.2m as the investor doubled its stake in the business. Axel Springer first invested £125m in March 2018 when its shares were trading around 280p. The 43.7m shares bought today were at £1.00... You can carry on reading TheBusinessDesk.com for free, but you have reached the maximum number of pages an unregistered user can view. To register for an account, click here or login below...