A top manager at the fast-growing online estate agency Purplebricks sold £288,775 of shares days before a critical BBC report was broadcast. Lettings director Richard Jacques sold a total of 60,000 shares in two tranches on July 27 and 31. The BBC broadcast two reports on August 2 into Purplebricks’ sales tactics that wiped 7% off its value. Senior staff have sold millions of pounds of shares in the AIM-listed agency in recent months. Shares in the company, founded in 2012 by brothers Michael and Kenny Bruce, have climbed 229% this year to 444p, to value the loss-maker at £1.2bn. Purplebricks says it saves vendors thousands of pounds by charging a flat fee of up to £1,199, instead of a percentage of the sale value.
Purplebricks ' managing director , Richard Jacques , sold their shares worth £ 288,775 days before the BBC launched an investigation into the online estate agent 's advertising claims , after which shares in the company dropped by 7 % . The company said it could save homeowners an average of £ ##500 ( $ 5,386 ) , even though the Advertising Standards agency had banned it from making that claim , the BBC Watchdog report alleged . Jacques " was not made aware of the BBC accounts before the shares were traded " , he said . During March and April Purplebricks ' staff and directors owned about £ 28 m of shares in the company .