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Justin OHara
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Justin OHara
As a former investor with direct insight into the business, I can tell you that Michael and Kenny Bruce disrupted the business and influenced all decisions in every market, never letting their local teams lead. They only trusted incompetent friends and family hires to watch every move across all markets, providing them with positions they were not qualified. In fairness, Bruce brothers do deserve credit for the early success during the first 9 months of Purplebricks, but the Board acted 1-2 years too late to move them out. Paul Pindar, Chairman should be questioned with a poor track record including eve sleep where he is also chairman. Stock trading at 52-week low with executive turnover. Bruce brothers used the hype of international expansion to drive the stock high on speculation with investors, then personally sold million in shares timing the market before reporting to the city. They have no downside this year and already took money off the table, along with a select few to their friends and family. Most recent sale was Axel Springer for their personal gain while LPEs watched the stock drop afterwards, not able to sell give the CSOP scheme. Vic Darvey, new CEO does not have the respect of the team and has no estate agency experience. A Paul Pindar hire, stiff and not suited for the position. People are running for the doors and in then US and UK, resignations are daily. Losing key employees with CEO's across UK, Aus and US already exited given the Bruce brothers influence on all operations, business model and marketing initiatives (UK campaign rolled out in all markets). There are now no leaders remaining in the US and Aus is now winding down. We expect US to shutdown within 30-60 days with a formal announcement as they attempt to go private if they can find a naive PE firm. Shakeup needs to happen at the Board level too. It's a shame, the Board did not act faster to move the brothers out so they could keep their dignity. At least the cashed in early at the expense of the LPEs (and Axel Springer) and laughed all the way to the bank.

From: Justin OHara 08 May 2019 04:05 AM

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