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£4m worth of Purplebricks share options handed to two new employees

VIEWBER 2 NS

Two members of the Purplebricks team have been given options to buy a total of 1.4m shares in the business at 0.01p each.

The options are worth some £4m to the two senior but relatively new members of staff.

The options have been granted under the employee share option plan and have an exercise price of £3.05.

The beneficiaries are chief financial officer James Davies, who has 1.m options, and UK chief marketing officer Ed Hughes with 400,000.

Davies succeeded Neil Cartwright at Purplebricks and joined the board on May 2. Cartwright departed through ill health and tributes were yesterday paid to his contribution to the business.

Hughes has been with Purplebricks since last November. He replaced the highly successful Joby Russell, who was also previously awarded and cashed in share options, and is now with the Australian operation.

The announcement of the share options to Davies and Hughes was made yesterday to the stock exchange after Purplebricks delivered its full-year results for the year to the end of April.

The results showed UK revenue up 132% year-on-year, with instructions up 94% and a 118% rise in the number of Local Property Experts to 448 (540 as of yesterday).

While the results did not reveal the actual number of homes sold during the year, investors did not seem to mind.

Yesterday shares in Purplebricks finished 5% up, while founder and CEO Michael Bruce told the Telegraph: “We are on track to be the most successful estate agent in UK history.”

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Source:: £4m worth of Purplebricks share options handed to two new employees