Purplebricks Group PLC (AIM:PURP) is said to be mulling a reduction of 10% in its staff to save costs and cope with a weakening housing market.
The beleaguered online estate agent has already seen a revolving door for senior management this year with Dominique Highfield now the chief financial officer after her predecessor jumped ship after just nine months into the job.
Last week, 5% shareholder Lecram Holdings’ attempt to oust chairman Paul Pindar was defeated at a general meeting but a substantial number of shareholders voted for the motion, something that was acknowledged by the company
Helena Marston, Purplebricks’ chief executive, said she wanted to “reassure all shareholders that we understand their concerns”.
Some 29% of investors voted for Pindar's removal prompting Lecram’s Adam Smith to say: “We note the company has recognised the level of feeling among investors and it should draw the appropriate conclusion.”
Marston upped the agent's cost-cutting target to £17mln from £13mln after it posted a loss of £14.6mln in its latest half-year.
Shares were unchanged today at 9.4p having started the year at 24p.