Purplebricks To Slash 10% Of Its Workforce Before Christmas

Purplebricks is set to cut 10% of its staff by the end of this week, with the move impacting roles across the business.

EYE revealed in October that staff members at Purplebricks face potential redundancies, after we were informed that the business had entered a consultation process with employees, but it was not clear when those jobs would be cut.

According to The Times, the struggling online estate agency is currently in the process of laying off more than 100 of its staff of about 800 as part of its latest strategy to make the firm profitable, with the redundancy programme set to conclude tomorrow.

However, a Purplebricks spokesperson tells EYE that “it is actually less than 90 [members of staff] and the vast majority are voluntary”.

Purplebricks has undergone multiple major management changes this year, including the appointment of Dominique Highfield as its new chief financial officer (CFO) in October. The previous CFO, Steve Long, departed after just nine months in the role.

The CFO change came at a turbulent time for the agency, when one of its shareholders, Lecram Holdings, called for the removal of chairman Paul Pindar, hours after the company in August reported its first annual loss since the pre-pandemic 2019 fiscal year.

Lecram, the investment vehicle of Adam Smith, lost its battle on Monday to reshuffle the board.

Some 71% of shareholders voted to keep Paul Pindar in place as chairman, but 29% voted for his removal. Nearly 42% of shareholders voted to appoint Harry Hill as a director, however 58% voted against this.

Purplebricks’ share price has fallen 90% in the last 18 months, which was already a long way from the highs of 2018 when the group was valued at more than £1bn. Its market value is now just £35m.

Purplebricks investor tells firm to draw ‘appropriate conclusion’ after failure to oust chairman

Daily news email from EYE

Enter your email below to receive the latest news each morning direct to your inbox.