Dunstone's Freston Ventures now holds the reins at Purplebricks' parent company, Strike Limited, after billionaire Charles Dunstone stepped back from his position as person of significant control. The sudden shift has sparked concerns about financial transparency and operational stability amidst delayed annual accounts for both Purplebricks and Strike.
The documents filed with Companies House reveal that Freston Ventures has formally taken over the role previously held by Dunstone, who co-founded Carphone Warehouse. This change comes as both companies have failed to submit their annual accounts for the year ending March 2025 on time, a move that could lead to formal warnings from Companies House.
Notably, the restructuring follows significant board changes within Strike Limited. Michael Bruce, Purplebricks' original founder, rejoined the company in June as a director, returning after a seven-year absence. His return was accompanied by departures of two other directors: Andrew Harrison, a partner at Freston Ventures and former chairman of Strike, and John Stevenson from investment firm Vanneck.
Purplebricks' fortunes have taken a downturn since its £1 acquisition by rival online agency, Strike, in June 2023. The once high-flying brand's valuation peaked above £1 billion but has struggled to regain momentum amidst market challenges and intense competition within the online estate agency sector.