Britain's Purplebricks to cut more than 10% of jobs - The Times

Purplebricks

21/12/2022 01:45

Dec 21 (Reuters) - Purplebricks Group PLC  PURP.L ,
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)
 ((Jyoti.Narayan@thomsonreuters.com;))