GRAHAM HISCOTT

CREDIT CARD RECORD DEBT

Online estate agent Purplebricks has bagged £100million of investment from a German publishing giant. Axel Springer is snapping up an 11.5% stake in the firm, with the cash used to power Purplebricks’ recent US launch. Founder Michael Bruce and two other bigwigs will also get a £25m windfall. But shares in Purplebricks, which pumped money into TV ads including one of an office worker businessman pouring milk over his head after a chat about a property sale, tumbled 10% yesterday. The fall came after it warned full year sales would miss targets. MILKING IT New investor for Purplebricks Tap-and-go spending is fuelling a rapid rise in credit card debt. The amount owed on plastic jumped at the fastest rate for 12 years last month, data from trade body UK Finance showed. The 8.3% rise took the total outstanding on credit cards to £66.5billion.

Eric Leenders, from UK Finance said: “The rise reflects the growing number of transactions carried out using cards.” That includes a big leap in the use of contactless to pay for goods and services up to £30.

Bank of England Governor Mark Carney last year warned it had “encouraged greater credit card use.”

Money charity Stepchange says credit cards are the most common form of debt.

The owner of fashion firm Select is aiming to slash rents and close unprofitable stores. Genus UK wants store landlords to back a company voluntary arrangement on April 13. Failure could see the 2,000-worker firm collapse. “It’s finely balanced”, said Andrew Andronikou of advisors Quantuma.