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Britain’s Purplebricks to cut more than 10% of jobs – The Times
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(Reuters) – Purplebricks Group PLC, Britain’s biggest online-only real estate agency, will cut more than 10% of its workforce as part of a cost-cutting program, The Times reported on Wednesday.
(Reuters) – Purplebricks Group PLC, Britain’s biggest online-only real estate agency, will cut more than 10% of its workforce as part of a cost-cutting program, The Times reported on Wednesday.
The company will lay off more than 100 of its staff of about 800 as part of the program, which is set to conclude on Friday, the newspaper said.
Online-only agencies promote properties for sale or letting but leave more of the work to owners.
Purplebricks has undergone multiple major management reshuffles 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 top-10 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.
Purplebricks did not immediately respond to a request from Reuters for comment.
(Reporting by Jyoti Narayan in Bengaluru; Editing by Bradley Perrett)
A workforce reduction, often referred to as layoffs, is when a company decreases its number of employees, typically to cut costs or improve efficiency.
A chief financial officer (CFO) is a senior executive responsible for managing the financial actions of a company, including tracking cash flow and financial planning.
A cost-cutting program is a strategic initiative undertaken by a company to reduce its expenses and improve profitability, often involving layoffs or operational changes.
An online-only real estate agency operates primarily through digital platforms, allowing property owners to list and manage their properties without traditional in-person services.
A management reshuffle refers to the reorganization of a company's leadership team, which may involve changing roles or replacing executives to improve performance.
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