The founders of Purplebricks are staging a surprise return to the online estate agency they once built into a household name.
According to reports from Sky News, brothers Michael Bruce and Kenny Bruce are rejoining Purplebricks as part of a deal with its owner, Sir Charles Dunstone.
Sources say the pair will take a significant minority stake alongside Sir Charles’s investment vehicle, Freston Ventures. Michael Bruce is expected to return as chief executive, while Kenny Bruce will help lead efforts to restore the business to sustainable long-term growth.
Purplebricks launched in 2014 promising to disrupt the traditional estate agency model with a fixed-fee service for sellers. The company listed on the London stock market a year later and at its peak captured a significant share of the UK’s residential property sales market.
However, investor concerns over its costly international expansion into markets including the US and Australia led to the departure of co-founder Michael Bruce as chief executive in 2019. The company’s finances continued to deteriorate and in 2023 it was sold for £1 to rival Strike, backed by Sir Charles Dunstone.
Strike has since rebranded its operations under the Purplebricks name, reflecting the enduring recognition of the 12-year-old brand in the UK property market.
After leaving Purplebricks, the Bruce brothers launched another online property venture, Boomin, aimed at challenging Rightmove, but the business was liquidated in 2022.
In a statement issued to Sky News on Sunday evening, 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.”
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