The troubled ‘star fund manager’ Neil Woodford has drastically reduced his stake in Purplebricks: he now owns less than five per cent of the hybrid agency.
A trading statement by the company this afternoon revealed that the stake held by Woodford has been reduced from 15.53 per cent to “less than five per cent.”
Earlier today it was revealed that Woodford's flagship investment fund - the Woodford Equity Income Fund, which had not directly invested in Purplebricks - had been shut down and that Woodford himself has been removed as investment manager by the fund’s independent administrators.
Investors in that fund will not get any money back until mid-January at least.
At the start of 2019 Woodford - a long time torch-bearer for Purplebricks - had a 30 per cent stake in the agency; since January Purplebricks’ share price itself has fallen by around a third, independently of the problems afflicting Woodford’s flagship fund.