German media firm Axel Springer has doubled its stake in online-only estate agent Purplebricks.
The move comes amid a difficult period for the company, which has in the last month retreated from its international expansion plans and seen its chief executive depart.
Axel Springer has paid £43.7m to boost its holding in the company from 12.4% to 26.6%. It bought the shares from the group’s co-founders Michael and Kenny Bruce.
Axel Springer first invested in Purplebricks in March 2018 to support the digital estate agent’s overseas expansion, particularly in the US.
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