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

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(RockedBuzz via Reuters) – Purplebricks Group PLC, Britain’s largest online-only property firm, will cut more than 10% of its workforce as part of a cost-cutting programme, the Times reported on Wednesday.

The company will lay off more than 100 of its approximately 800 employees as part of the program, which is expected to end on Friday, the newspaper said.

Online-only agencies promote properties for sale or to rent, but leave most of the work to the owners.

Purplebricks has undergone several major management reshuffles this year, including the appointment of Dominique Highfield as its new chief financial officer (CFO) in October. 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 reported its first annual loss in August. since 2019 pre-pandemic. fiscal year.

Purplebricks did not immediately respond to a RockedBuzz via Reuters request for comment.

(Reporting by Jyoti Narayan in Bangalore; Editing by Bradley Perrett)