Purplebricks founder quits after ‘disappointing’ 12 months

Purplebricks founder Michael Bruce has stepped down as chief executive after the online agent admitted its expansion plans were “too rapid” in its latest financial results. Chief financial officer Vic Darvey will step up with immediate effect. The business also revealed it will exit the Australian market, claiming market conditions have become “increasingly challenging” and the “prospective returns from Australia are not sufficient to justify continued investment”. The online agent also said it would review its business in the US after its launch last year. The firm confirmed that it expects revenue to be in the £130m-£140m range it forecast