Online estate agent Purplebricks has received a £34m support package from TalkTalk billionaire Sir Charles Dunstone and other investors as it battles the prolonged slowdown in Britain’s housing market.
Dunstone’s Freston Ventures converted £25.6m of loans into equity in Purplebricks’ parent company Strike in June, while Freston and Toscafund have provided a further £8.5m in lending.
Purplebricks was bought by Strike for just £1 in 2023 after its valuation collapsed from a peak of £1.4bn, with its latest accounts warning of “material uncertainty” over its ability to continue as a going concern.
The company said: “Our new leadership has the full support of our investors. We have made new equity investments and long-term loans to the business and will continue to invest for further growth and success.”
The funding comes after HMRC filed a winding-up petition against Purplebricks last week, although the company said the petition was being withdrawn.