Purplebricks’ New Owner to Finalise Job Cuts in Coming Weeks

Purplebricks' New Owner to Finalise Job Cuts in Coming WeeksAround 100 jobs to go in bid to improve financial performance

Purplebricks, the online estate agency, is set to finalise job cuts in the coming weeks after being acquired by a new owner. The company, which was founded in 2012, has been struggling financially since the start of the coronavirus pandemic and has been looking for a new owner since August.

The new owner, a consortium of investors led by private equity firm Toscafund, has now taken control of the company and is set to finalise job cuts in the coming weeks. It is estimated that up to 200 jobs will be cut from the company’s UK operations, with the majority of the cuts coming from its customer service and marketing teams.

The job cuts are part of a wider restructuring plan that is aimed at reducing costs and improving efficiency. The company has also announced plans to reduce its UK office space by up to 50%, as well as introducing a new digital platform to streamline its operations.

The job cuts have been met with criticism from some employees, who have accused the company of not doing enough to protect jobs during the pandemic. However, Purplebricks has defended its decision, saying that it was necessary to ensure the long-term sustainability of the business.

The new owner has also said that it will be investing in Purplebricks’ technology and marketing capabilities, as well as expanding its international presence. This could potentially create new jobs in the future, although it is unclear how many jobs will be created.

Overall, the job cuts at Purplebricks are a sign of the difficult times that many businesses are facing due to the coronavirus pandemic. While it is unfortunate that some jobs have been lost, it is hoped that the new owner’s investment in the company will help to create new opportunities in the future.