Reports of a shock return to Purplebricks by founder Michael Bruce (pictured left) have now been confirmed.

The Neg has approached the agency to verify that his brother Kenny Bruce (pictured right) is also back at the helm.

An entry on Companies House records this week shows that Michael Bruce is now a director at Purplebricks’ parent company Strike.

Comeback

There were reports in March that the brothers were going to make a comeback at Purplebricks.

Sky News suggested they were rejoining Purplebricks as part of a deal with its current owner, Carphone Warehouse billionaire Sir Charles Dunstone. The agreement would see the brothers take a significant minority stake through Dunstone’s investment vehicle, Freston Ventures.

Michael Bruce was to become Chief Executive, while Kenny Bruce would share responsibility for helping return the business to “sustainable long-term growth”.

Next phase

Michael Bruce said at the time: “My brother and I are delighted to return home to the business we founded and are excited to work with Sir Charles Dunstone and the Purplebricks team to drive success and build market share in the UK housing market.

“We will work tirelessly to deliver an exceptional service for every homeowner whilst leading the business through its next phase of growth.”

Purplebricks was launched in 2014 with a fixed-fee model in a direct challenge to traditional estate agencies and their commission structures.

Financial performance

However, concerns over its international expansion led to Michael Bruce stepping down as Chief Executive in 2019, after which the company’s financial performance continued to deteriorate.

In June 2023, it was sold for a token £1 to rival online agency Strike, which was backed by Dunstone. Strike then retired its own brand and renamed the business under the Purplebricks title later that year.

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