Purplebricks shares rose yesterday as a key investor raised its stake in the company.
Toscafund notified the London Stock Exchange that it had increased its share of voting rights from 10.11% to 11.2%.
There has been speculation as to who could become the biggest stakeholder in Purplebricks, following the departures of co-founders Michael and Kenny Bruce.
Most of the speculation has centred around Axel Springer, the Germany-based global publisher which now has some 26% of Purplebricks.
While Toscafund’s latest increase in its stake is very small, it follows a near-doubling of its investment last month.
In June, Toscafund increased its stake from 5.64% to 10.11%.
Yesterday’s increase in Toscafund’s stake boosted the share price of Purplebricks by some 4.5% yesterday.
The shares closed at 115p.
Toscafund also backs easyProperty, the online arm owned by the parent company of The Guild and Fine & Country. An announcement is expected shortly on the future of easyProperty, which is under review after warnings that online agents have not proved their profitability.
Comments (8)
Maybe Paul Smith from spicerhaart should invest a bit in PB to fend off housesimples ?
Remove the “C”
…….and we have Tos a Fund
No more to say.
Tosca seem desperate to mitigate their losses in this sector by jumping on the Bricks bandwagon
It looks like they have come in large on the early prices on Sporting Ken’s 2 nags with the skinny prices
at Yarmouth today
Should get one of them home and hosed .
y – 2:05 Princess Keira (Overnight) at Yarmouth Haven Seashore Holiday Park Handicap
9/2
– 4:45 Mrs Discombe (Overnight) at Yarmouth Grosvenor Casino Of Great Yarmouth Fillies’ Novice Stakes
5/2
Maybe they are hoping that AS buys them out .
Yes . Think that is the long and the short of it .Perhaps Axel have been awaiting the coronation of Boris before showing their hand.
Bricks are naturally milking their association with Team GB for all it’s worth on social media
” We’ll be turning the country purple and gold through to 2020.”
“The countdown to Tokyo 2020 is on and we are so proud to support
@TeamGB on their journey to the olympics.”
TeamGB can only hope that Bricks disastrous ventures overseas doesn’t rub off !
“Toscafund also backs easyProperty, the online arm owned by the parent company of The Guild and Fine & Country….”
mmmmmm…….
Must be the hot weather affecting their capacity to think straight?
Better that they invested in a million purple ice cream cones and sell those!
I think I know where this is going in the long term and if I was Rightmove I would be looking over my shoulder. Surely these investors cannot be this dim? I think they know very well that there is no money in online agency, but there is plenty of money in property portals and I reckon that’s what PB will end up being, it has the brand awareness, people know it’s there!
Failing that, investing in this deceased duck makes no sense whatsoever……….