Purplebricks boss claims ‘big opportunity’ to grow lettings division

The chief executive of Purplebricks - chastened after a major split amongst the firm’s shareholders - claims there is a “big opportunity” to grow the lettings division.

Helena Marston issued a statement after 28 per cent of shareholders voted to remove Paul Pindar as the agency’s chairman, and after a more significant 41 per cent backed the idea of Rightmove founder Harry Hill (a critic of the current management) being appointed as a company director. 

The votes were taken at a general meeting called by activist investor Lecram Holdings - which wants a change of leadership and direction for the troubled agency.

Afterwards, Marston told shareholders: “I want to reassure all shareholders that we understand their concerns. Our past performance has not been good enough.

“But we have a new team, with an agreed plan that is being delivered at pace. The operational changes implemented over the last four months will be clear for all to see at our final results, in terms of a substantially improved cash and profit performance.  

“We take nothing for granted and we are fully committed to driving improved performance, higher standards and value for all stakeholders.

"The housing market will be what it will be in 2023 but we have a value driven customer proposition, right sized our cost base by £17m, and laid the foundations for a more balanced business with the recent launch of new revenue streams and a plan to grow our lettings business. 

“There is a big opportunity for Purplebricks and we want the opportunity to deliver it."