Paul Pindar, non-executive chairman of Purplebricks, purchased 1 million ordinary shares of £0.01 each in the share capital of the company yesterday at 17.4549p. 

This is the third major acquisition he has made in the agency this month, having acquired 1,537,000 ordinary shares of £0.01 each in the share capital of the company at a volume weighted average price of 16.96p per share between 12 August and 16 August 2022, in addition to 2,500,000 ordinary shares of £0.01 each in the share capital of the company at a price of 14.76p per share.

Following the purchase, Paul Pindar and Sharon Pindar, a person closely associated, together hold 16,618,056 Shares representing 5.42% of the total issued share capital.

Pindar has been building up his holding in Purplebricks despite calls from an activist investor, who owns around 4% of the business, vocally calling for him to be removed as chairman. He appears to be strengthening his position ahead of the online estate agency’s Annual General Meeting, which is due to take place on 14 September.

The company, which published its full year accounts earlier this year, is under pressure from a serious downturn in instruction levels and a series of mishaps, caused in part by regulatory failings.

But Purplebricks is now looking to avoid past mistakes after announcing yesterday the appointment of a new director of risk and compliance.

Purplebricks offers room for growth but chairman must go, claims analyst