Purplebricks boss sold shares days before damning documentary was aired

Shruti Tripathi Chopra
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Purplebricks launched in Australia at the end of last year (Source: YouTube)

​A lettings director at Purplebricks sold shares worth nearly £300,000 less than a week before a damning BBC report on the online estate agency was broadcast.

Richard Jacques cashed in 60,000 shares worth £288,775 in two tranches in the last week of July.

On 2 August, the BBC broadcast a documentary showing Purplebricks’ promotional material included claims about saving customers more than £4,100 – despite being banned from making that claim by the Advertising Standards Authority last year.

Purplebricks apologised subsequently and immediately removed references to savings figures.

Read more: Shares in this online estate agent just jumped after revenues rose 151pc

The Aim-listed estate agency’s shares fell seven per cent after the revelations were made.

In March eight shareholders including co-founder Kenny Bruce sold 7.9m shares worth £23.8m as part of a fundraising.

In a statement, Purplebricks told the Sunday Times: “Richard [Jacques] was not made aware of the BBC feature before the shares were traded. He is not a member of the board [and] is involved in lettings only.”

Read more: Purplebricks set to fulfil its Californian dream this year

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