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Britain’s Purplebricks to cut more than 10% of jobs – The Times

Published by Uma Rajagopal

Posted on December 21, 2022

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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.

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)