EYE NEWSFLASH: Axel Springer ups its stake in Purplebricks as founder Bruce ‘sells up’

| Rosalind Renshaw

Global publisher Axel Springer has raised its stake in Purplebricks.

It has acquired a total of 43,662,417 more shares, to hold a stake of 26.6% in the company, up from the previous 12.4%.

It paid £1 per share, according to an RNS. The price is substantially down from the £3.60 per share Axel Springer paid in March last year.

Axel Springer’s purchase has been notified to the London stock exchange.

It has also been notified that founder Michael Bruce and his wife Isabel have sold their entire holding of 11.02% in Purplebricks.

Although not in an RNS, Kenny Bruce who co-founded the business with his brother, has also sold his holding.

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32 Comments

  1. purplepatchy
    June 3, 2019 at 12:17

    erm… why though?

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    1. LetItGo
      June 3, 2019 at 12:21

      Leaving a sinking ship with £43m in the liferaft

      Report
    2. Bless You
      June 3, 2019 at 13:16

      WIll there ever be a moral to this story?

      How have they got away with it?  shareholders, unsold property, billions wiped off sellers asking prices to get a sale…

       

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  2. cyberduck46
    June 3, 2019 at 12:21

    Not a bad investment return for the Bruce family. Michael Bruce invested nearly everything he owned and has come away with tens of millions.

     

    Looks like plenty of support from Axel Springer too. Not going to be buying shares unless prepared to inject more money into the business if needed.

     

     

     

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    1. charlie.wright
      June 3, 2019 at 13:48

      Investment, or punt? And whose tens of millions has he come away with? There making money, and there’s taking money. He built nothing. He just took money from tens if not hundreds of thousands of people whose homes they either didn’t sell, or sold cheap. Anyone can make money if you don’t care about ripping people off. Look at PPI.

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      1. smile please
        June 3, 2019 at 14:26

        Charlie, you are in danger of me liking you!

        Well said!

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    2. The date & time sponsored by PIE is;
      June 3, 2019 at 14:15

      So you celebrate a good investment for the Bruce family, ignoring the many 10’s of thousands who footed the bill and are out of pocket.

      And you demand balance?  You really are a piece of work duck face.

       

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      1. cyberduck46
        June 3, 2019 at 18:19

        What’s an extra £1K when traditional agents are taking £3K on an average priced property and a lot more on the more expensive ones. Then have the cheek to have a minimum branch fee for the cheaper properties.

         

        Pay anyway. Good odds if you ask me.

         

        Sell with PB and save £2K. Don’t sell and lose £1K. That’s for an average priced property.

         

         

         

         

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        1. charlie.wright
          June 3, 2019 at 19:46

          Cyberduck, sincere question: have you ever sold a property of your own; and if so was it above or below average property transaction price?

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        2. AgentQ73
          June 3, 2019 at 20:29

          Wouldn’t it be nice to know the odds of selling or losing before making that desicion ? At least the bookies let you know the odds.

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  3. Ostrich17
    June 3, 2019 at 12:22

    Has K.Bruce also sold his shares to Axel Springer – which makes up the 14.2% purchased?  
     
    Will this rescue by Axel lead to a swift cull of existing management?
     
     

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  4. ChippyJames
    June 3, 2019 at 12:22

    Probably a prelude to taking it private.  Also this will give Axel Springer equal power to Neil Woodford who was previously largest shareholder.

    Once they have gone private they restructure to their heart’s content while loading up the debt.

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  5. GeorgeOrwell
    June 3, 2019 at 12:31

     

    Keep stoking that furnace with money, as it burns through money like a Tasmanian Devil on acid.

     

    Burn Baby Burn!

     

     

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  6. Sdaltaf101
    June 3, 2019 at 12:37

    They will retreat from the US and Oz and implement their high street hub model in the UK.

     

     

    Great piece on Woodfords site about his continued support and huge growth potential and with Axel Springer commitment suggests the cannons are coming out and the target is the pay on asset model.

     

     

    Watch those shares fly north on 03rd July.

     

    Good time to buy, buy,buy.

     

    Bye…bye

     

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    1. GeorgeOrwell
      June 3, 2019 at 12:39

       
      …..and then there are Sdtwats101 on Acid!
       
       

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      1. Mark Walker 2
        June 3, 2019 at 13:54

        Worst prophet ever.

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    2. Property Pundit
      June 3, 2019 at 15:40

      HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA

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    3. Ostrich17
      June 3, 2019 at 16:11

      101Fatlads     
       
      Looks like your predictions are way off the mark – Woodford is keen to get rid and Axel will buy his shares, if the price is right!  
       
      Expect fireworks on July 4th !
      *****************************************************************************
      P.S.Woodford’s flagship fund has suspended trading “to protect investors”.
      *****************************************************************************

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  7. gardenflat
    June 3, 2019 at 12:38

    An attempt to increase share price and recover some of the losses?

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    1. Property Pundit
      June 3, 2019 at 15:44

      Today’s High £1.110, low £0.964, currently at £1.04. Yet to see them fly just on this news.

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  8. Hillofwad71
    June 3, 2019 at 12:40

    Wonder how much Woody will accept for his stake ?Now Bruce lives  across the pond I wonder if he will  be looking to take on  the USA and Canadian business

    Maybe handed over gratis?

     

     

     

     

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  9. Propertyboy
    June 3, 2019 at 12:40

    Actually M & I Bruce sold their holding of 33,760,000 shares. The total number of shares in issue is 306,355,916. Not really surprised Bruce sold up – nice payday…

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  10. WiltsAgent
    June 3, 2019 at 12:50

    Fair play to Michael Bruce he has taken Axel Springer to the cleaners.

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  11. GPL
    June 3, 2019 at 13:05

     

    ……meanwhile, at The Purple Casino Mr & Mrs B are seen exiting by a back door, having cashed in their Chips.

     

    …..Mr & Mrs B glance mournfully at the remaining players as they furiously gamble away in the hope of getting their money back.

     

    …..as Mr & Mrs B’s Limousine drives quietly away, through the rear window one can glimpse them roaring with laughter and punching the air! …..a lip reader manages to make out Mr B shouting at Mrs B (whilst roaring with laughter!) “F*ck me, that was a close thing!” ……and then the Chauffeur is told “Take us to Hollywood” …….the Chauffeur replies “ Dollywood it is then!”

     

    ……..meanwhile, a queue of Debt Collectors form quietly in the lane behind the Purple Casino, which has a flashing sign boldly stating “ PURPLE or BUST!”

     

    ……and the music thumps out “The Winner takes it All, the Losers have to Fall!”

     

     

     

     

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  12. AgencyInsider
    June 3, 2019 at 13:13

    Hats off to the Bruce boys. They have made shedloads of dosh out of their venture. I am sure that all those thousands and thousands of people who paid to list their properties with Purplebricks, but never sold, will be absolutely delighted for them.

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  13. surrey1
    June 3, 2019 at 13:36

    Bernie Madoff will be kicking himself he didn’t do it this way.

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  14. smile please
    June 3, 2019 at 14:30

    Meanwhile Countrywide shares slip to 3p,,,,,,,,

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  15. cyber_truth
    June 3, 2019 at 14:31

    Congratulations Bruce Brothers. Surprised investors are so foolish to invest further in a dead horse, but we have to give the Bruce brothers credit for pulling off another cash deal to pad their bank accounts. US is dead, Aus is out, UK is losing people everyday, Canada is a 20 year old business only doing 20M business.  Do any of these investors do their due diligence?

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  16. AgentV
    June 3, 2019 at 15:41

    All I can say is I thought this would happen one day, from something I learned a while back.

    BSOS23PC

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  17. smile please
    June 3, 2019 at 16:26

    Well hats off to the Bruces. They never set out to be the best estate agent, they started an investment vehicle and its paid dividends (literally).

    5 years circa 20 million a piece, not bad going.

    I bet Axel Springer will try and take it private now.

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  18. Woodentop
    June 3, 2019 at 17:35

    Made no impact on share price. The city haven’t bought it? What are the bets Springer and Woodford are getting closer to control and will sell off the company?

    Report
  19. Blue
    June 3, 2019 at 18:50

    Got to give Axel a call.. l have some magic beans l could do with offloading.. cheap !

    Report
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