Purplebricks’ top brass spend £1m on shares in a bid to boost shareholder confidence
The top brass of struggling online estate agent Purplebricks have spent nearly £1m of their own money on company shares.
Helena Marston, the new chief executive, and Paul Pindar, the executive chairman, both recently spent £100,000 and £851,000 on shares respectively, The Times reported. Pindar now owns a 5.4 per cent stake in the company.
The company’s share price has fallen 24 per cent over the year so far, and is down nearly 70 per cent on this time last year.
Earlier this month, Lecram Holdings, which owns 4.2 per cent of the company, called for Pindar to resign following poor annual results.
The AIM-listed company registered a loss of £42m in the financial year up to April, down from a £6.8m profit in 2021.
Purplebricks was contacted for comment about the executives’ share purchases.