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Purplebricks perk: £20,000 turns into £2.8m for agency's finance chief

The Daily Mail is reporting that the finance chief at much-discussed hybrid agency Purplebricks has purchased shares that are now worth around £2.8m - yet he paid less than £20,000 thanks to a perk in his salary package.

The newspaper reports that Purplebricks’ chief financial officer Neil Cartwright bought 1.9m shares for 1p each - a fraction of the current share price. “It means the 48-year-old paid £19,400 for a holding worth £2.8m” says the Mail.

It also reveals that Isabel Bruce, a human resources administrator and wife of the chief executive Michael Bruce, paid £426 for shares now worth around £60,500.

Cartwright and Bruce were granted options to buy stock in the business at a discount as part of the company’s remuneration policy, the paper reveals.

“It takes the Bruces’ holding to 16.9 per cent of the stock, worth £20.3m in total, while Cartwright owns 0.8 per cent. The pair will not be able to sell the stock until December” says the publication.

Last week the agency reported its first annual figures to the City.


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