Who is Charles Dunstone? The businessman behind Purplebricks takeover - net worth, other ventures

News has emerged this morning that real estate groups Purplebricks have been the subject of a takeover from rivals Strike for the sum of £1. Not £1 million - merely £1. The takeover comes after the once lucrative company, at one point valued at £800 million, was put up for sale initially in February after announcing an expected loss of £15 to £20 by the end of the year.

The sum of £1 was agreed upon due to the speed in which Purplebricks are spending money, estimated to be around £3 million per day and despite hiring freezes and redundancies occurring through the last 12 months, the takeover will lead to 750 jobs at risk as the Strike, led by businessman Charles Dunstone, look to circumvent any further losses to prevent the former real estate powerhouse from going into liquidation or worse - receive wind up orders.

The revolving door of management changes lead to one shareholder to call for the scalp of Purplebricks chairman Paul Pinder, who responded to the sale saying "I am disappointed with the financial value outcome, both as a 5% shareholder myself and for shareholders who have supported the company under my and the board's stewardship. However, there was no other proposal or offer which provided a better return for shareholders, with the same certainty of funding and speed of delivery necessary to provide the stability the company needs."

Despite its early success shortly after its inception in 2012, Purplebricks had seen its stock price drop by 98% over the last five years after a BBC investigation into allegations that it had made misleading claims to customers. The news now of a sale to the Charles Dunstone led coalition Strike has led to stock prices overnight plunging by 40%.

So with quite the impressive resume of business dealings, including founding two telecommunication companies, will Charles Dunstone manage to bring Purplebricks back from the brink of collapse?

Who is Charles Dunstone?

Charles Dunstone, born in 1964 in Saffron Walden, Essex, started his career by selling mobile phones from his flat in 1989 with a £6,000 investment. Recognizing the potential of mobile phones, he founded The Carphone Warehouse to cater to the growing market. The company went public in 2000, valuing it at £1.7 billion. Dunstone expanded the business by establishing TalkTalk, a home phone and broadband provider, through acquisitions.

Dunstone also played a role in the creation of Best Buy Europe, a joint venture between Carphone Warehouse and Best Buy. He became one of the richest individuals in the UK, with an estimated fortune of £830 million in 2006.

Dunstone served as a non-executive director for HBOS PLC and the Daily Mail and General Trust, and as a director for Independent Media Distribution PLC. He was involved with The Prince's Trust as a council member and former chairman of its trading subsidiary.

Dunstone holds three A-levels and received The Daily Telegraph's Business Person of the Year award in 2005. He was knighted in 2012 for his contributions to the mobile communications industry and charity. Dunstone has a charitable trust and is associated with the Fulwood Academy school. He served as a trustee for Royal Museums Greenwich and has donated to both the Labour and Conservative parties.

Dunstone is married to Celia Gordon Shute and is part of the self-proclaimed “Chipping Norton Set,” a group of high-profile individuals who were known to socialise and have connections in the Chipping Norton area of Oxfordshire, England. The group included politicians, media figures, and business people. Some notable members of the Chipping Norton Set included David Cameron (former UK Prime Minister), Rebekah Brooks (former CEO of News International),

What is Charles Dunstones net worth?

Forbes have estimated that as of 2022, Charles Dunstone’s net worth is $1 billion USD (£802 million GBP), however this is a drop from the peak of his fortune, as Forbes also had his fortune in 2015 listed as $2.7 billion - which would have come from the Carphone Warehouse/Dixons merger that folded the company into the Currys brand.