Axel Springer Withdraws Purplebricks Board Representative

Key Purplebricks‘ investor, Axel Springer, a 26.5% shareholder in the company, has withdrawn its representative on the online estate agency’s board.

A stock market update this morning revealed that Ait Voncke, who joined the Purplebricks board in July last year, as a non-executive director, has stepped down from the role.

Following commencement of the strategic review announced by Purplebricks on 17 February 2023, Axel Springer and the company have been considering the regulatory and governance expectations around equality of information between shareholders during an offer period.

After reviewing the position, Axel Springer has concluded that it will not maintain a board representative for the time being.

Accordingly, Voncke has stood down from his position as a director of the company with effect from 6 March 2023, for the time being. Axel Springer retains a contractual right to appoint a representative to the board of Purplebricks at its discretion.

Voncke, who joined AVIV Group, Axel Springer’s online classifieds business for property, as chief executive in January 2021, said: “Axel Springer is fully supportive of the strategic review and formal sale process being undertaken by the Purplebricks board. We are confident this review and process will benefit stakeholders and support the long-term growth of the business.”