Purplebricks’ Finance Director Matthew Farrow has quit the company just three months after pocketing a £1 million payout when the company floated on the AIM stock exchange.

Farrow was one of several key directors of Purplebricks who made significant fortunes from the flotation including CEO Michael Bruce (£11 million), Kenny Bruce (£6.4 million), CFO Neil Cartwright (£3 million) and CIO David Shepherd (£900,000).

Farrow was also key in appointing financial services giant Grant Thornton to help grow the business after the AIM listing. It worked on the successful flotation with the hybrid agency.

Rapid growth

In 2014 Farrow was a key hire for Purplebricks. He brought with him 20 years’ experience in the IT industry as an accountant, and in October last year he was touted by a conference organiser as one of the key figures that had driven the rapid growth of the company.

But clearly Farrow thinks his work is done and he’s off to Newark-based managed cloud server firm Timico, which provides its service to wide range of industries including property.

Before joining Purplebricks the Chartered Accountant was Finance Director and Group M&A Director at the Phoenix IT Group where he is credited with increasing turnover from £40m to £250m.

It is believed that Farrow’s old role is now being filled by James Davies, who joined Purplebricks in May 2017 with the title CFO, having joined from betting firm William Hill Online.