Shares sold just before exposé

AN eXeCUtIVe at online estate agent Purplebricks sold £288,775 of stock just days before a BBC investigation sent shares plunging.

Lettings director richard Jacques flogged 60,000 shares on July 27 and 31, stock market filings have revealed.

tV show Watchdog raised concerns about the company’s sales tactics on August 2, which knocked 7pc or £89.3m off its value as traders fretted about damage to its reputation.

Purplebricks was founded in 2012 and has enjoyed surging popularity because fees can be lower than High Street rivals. However, it has also faced criticism for exaggerated claims about how much customers could save.

Last year the Advertising Standards Agency told it to stop claiming it could save users an average £4,158. Watchdog discovered this was still being repeated and also raised separate concerns about sales figures.

Purplebricks told the Sunday times: ‘richard was not made aware of the BBC feature before the shares were traded. He is not a member of the board and is involved in lettings only.’