The founders of Purplebricks are returning to the online estate agency they established, according to reports from Sky News. Michael Bruce and Kenny Bruce will rejoin the business as part of a deal with its current owner, Sir Charles Dunstone.
The brothers will take a significant minority stake alongside Freston Ventures, Sir Charles’s investment vehicle. Michael Bruce is expected to resume the role of chief executive, with Kenny Bruce supporting efforts to return the business to sustainable growth.
Rise and fall of the online agency
Purplebricks launched in 2014 with a fixed-fee service model for property sellers, departing from traditional commission-based estate agency. The company listed on the London stock market in 2015 and gained a notable share of the UK residential property sales market at its peak.
Michael Bruce left his position as chief executive in 2019 following investor concerns about the company’s international expansion into the US and Australia. The business’s financial position continued to decline, culminating in its sale to rival Strike for £1 in 2023. Strike subsequently rebranded its operations under the Purplebricks name.
Previous ventures
Following their departure from Purplebricks, the Bruce brothers launched Boomin, an online property platform intended to compete with Rightmove. The venture was liquidated in 2022.
In a statement to Sky News, Michael Bruce said: “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.”
The return of the founders comes as the UK property market faces challenges from higher interest rates and subdued transaction volumes. The move represents an attempt to revive a brand that once held significant market recognition in the online estate agency sector.
