Purplebricks replaces finance head in nine months; Highfield named new CFO (updated)

Purplebricks

27/10/2022 08:14

(Adds details, background)
       Oct 27 (Reuters) - Britain's Purplebricks Group Plc
 PURP.L  appointed Dominique Highfield as its new chief
financial officer on Thursday, following the departure of
incumbent Steve Long after just nine months in the role.
    The CFO change comes at a turbulent time for the country's
biggest online-only estate 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. 
    A chartered accountant by qualification, Highfield, 37, 
will join the company on Nov. 1.
    This is the third major management reshuffle for
Purplebricks this year after Chief Executive Officer Helena
Marston took over the reins from Vic Darvey in April, while Long
joined as finance chief in February.
    Shares in the AIM-listed company have slumped more than 97%
from its peak levels in mid-2017, as the firm's ambitious
international expansion failed to take off and it struggled
recently with implementing a new operating model.
    Purplebricks changed its business model in 2021 by making
its sales agents permanent employees, and removed a Money Back
Guarantee pricing scheme that failed to lift new housing
instructions.
    The UK housing industry, which fared strongly during the
pandemic due to government support and strong demand, is now
facing surging costs and labour shortages, while a recent sharp
rise in mortgage rates threatens customers' purchase capacity.
 (Reporting by Radhika Anilkumar and Aby Jose Koilparambil in
Bengaluru; Editing by Neha Arora and Rashmi Aich)
 ((Radhika.Anilkumar@thomsonreuters.com; +91 8067490824;))