Michael Bruce has been officially reinstated as a director at Purplebricks’ parent company Strike, according to Companies House records filed this week, confirming earlier reports of the founder’s return to the online estate agency.
The appointment marks a significant development for the fixed-fee property platform, which has undergone substantial restructuring since its acquisition by Strike in 2023. Bruce’s brother Kenny is also understood to be returning to the business, though his directorship has yet to be formally registered.
Ownership structure
The return follows a deal with Sir Charles Dunstone, the Carphone Warehouse billionaire who owns Purplebricks through his investment vehicle Freston Ventures. The arrangement sees the Bruce brothers take a significant minority stake in the business, with Michael Bruce assuming the role of Chief Executive.
Michael Bruce stated: “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.”
Company history
Purplebricks was established in 2014 with a fixed-fee model that challenged traditional commission-based estate agencies. The company’s aggressive international expansion strategy led to Michael Bruce stepping down as Chief Executive in 2019, after which financial performance declined.
In June 2023, Strike acquired Purplebricks for £1, with Dunstone’s backing. Strike subsequently retired its own brand and adopted the Purplebricks name later that year. The move represents a consolidation in the online estate agency sector, which has seen traditional agencies expanding through acquisitions while digital platforms face pressure to demonstrate sustainable business models.
The brothers’ stated objective is to return Purplebricks to “sustainable long-term growth” and increase market share in the UK housing market. The appointment comes as the property sector continues to adapt to changing consumer preferences, with technology increasingly integrated into traditional agency operations.
Market implications
The leadership change signals a potential strategic shift for Purplebricks as it seeks to stabilise operations following years of financial challenges. The fixed-fee model remains under scrutiny as the company attempts to balance competitive pricing with profitability in a market where traditional agencies continue to dominate.
The Bruce brothers’ return brings the original founders back to a business that has undergone significant transformation since their departure, raising questions about whether their approach can succeed in a more mature and competitive online property market.
