Sir Charles Dunstone has injected around £30m into Purplebricks as the online estate agency attempts to turn around its fortunes, according to The Telegraph.
The newspaper reports that the TalkTalk and Carphone Warehouse entrepreneur has provided the financial support since his investment vehicle acquired Purplebricks through rival Strike for a nominal £1 in 2023.
The latest funding underlines the scale of investment being made in the estate agency three years after it was taken private following a dramatic decline from its former £1.3bn stock market valuation.
It comes days after Purplebricks was served with a winding-up petition by HM Revenue & Customs, although the agency insists the action resulted from an administrative error that has now been resolved.
TURNAROUND
According to The Telegraph, Dunstone has now committed around £30m to supporting Purplebricks as management seeks to rebuild the business.
Dunstone’s Freston Ventures says Strike acquired Purplebricks in 2023 with the intention of combining Purplebricks’ significant brand recognition with Strike’s low-cost operating model.
Purplebricks founders Michael and Kenny Bruce also returned to the business earlier this year as part of its latest turnaround.
HMRC PETITION
The investment comes amid renewed scrutiny of Purplebricks’ finances after HMRC filed a winding-up petition this week.
Purplebricks says it was already in discussions with HMRC over an administrative error and that its tax liabilities had been dealt with, with the petition being withdrawn.
Its annual accounts for the year ending March 2025 are also overdue, which Purplebricks attributes to the appointment of a new chief financial officer.
A Purplebricks spokesman says its new leadership team has made “big strides” in the turnaround and the business is experiencing growth across its operations.
But writing on X Charlie Lamdin of BestAgent blasted: “Carphone Charlie basically writes off what’s likely the last £30m he wastes on “online estate agency” as Purplebricks clings on by its fingernails, following both EasyProperty and eMoov that failed.
“I wish it would just die already. The damage it has caused is huge.”
