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Purplebricks to cut 10% of jobs in bid to become profitable by 2024

Image credit: Purplebricks

Digital estate agent Purplebricks is to lay off around 10% of its approximately 800 staff, with the consultation expected to finish on Friday.

First reported by The Times, Purplebricks’ layoffs come after it published its interim results earlier this month, with the company looking to become profitable.

UKTN has reached out to Purplebricks for comment.

Speaking on the interim results Helena Marston, CEO said:

“The turnaround plan is working and is being delivered at pace, with the financial benefits starting to come through in the second half of the year.

“We have taken further steps to reduce our cost base, from an initial £13m of annualised savings to £17m, while also investing in our strategic priorities and increasing the efficiency of our field.”

The first half of the year saw the Solihull-based company’s revenue drop by 16% and its gross profit down by 38%.

In its results, the firm stated that it expects “positive cash generation early in FY24 (fiscal year 2024)”.

“Our plan to diversify revenue streams and build a more scalable, balanced business, with less reliance on instructions is gaining momentum… Our plan to drive instructions is now underpinned by a better understanding of the areas where we know we can win and initiatives to drive profitability in each of them,” added Marston.

Purplebricks is an online-focused estate agent that provides sales, lettings, conveyancing, surveys and mortgages.