Purplebricks brings on second broker, corporate action in near future

British estate agency, Purplebricks, has brought on a joint corporate broker. The move could suggest that the company is gearing up for a possible takeover or that it's going to raise more money in the market.

It has appointed Citigroup Global Markets as a joint broker with Peel Hunt, which continues in its current role.

The appointment comes as embattled Fund Manager Neil Woodford reduced his holding in Purplebricks yet again, taking it down to 19.25%. Until recently Woodford was the largest stakeholder, with almost 30% of the company.

The latest reduction, from 21.51% to 19.25%, was notified to the London stock exchange.

The jostling for position by a number of Purplebricks stakeholders has meanwhile continued with Merian Global Investors – formerly Old Mutual – upping its stake from 14.36% to 16.6%.

Axel Springer’s holding remains at 26.6% after purchasing the Bruce brothers’ shares, making it the largest stakeholder, ahead of Woodford.

Michael and Kenny Bruce, who founded the company, now no longer have any holding, although Kenny remains with Purplebricks as Sales Director after global CEO Michael’s departure in the wake of a boardroom coup.

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