Activist pushes for Purplebricks chairman Paul Pindar to go

July 24, 2022 fredbowler60

An activist investor who has built up a 4 per cent stake in troubled Purplebricks could push for an emergency meeting to force out the chairman if he does not stand down.

Lecram Holdings, an investment vehicle for investor Adam Smith, argued that ‘urgent action is now essential to stabilise the [online estate agent] and restore its credibility within the investment community’.

A letter to chairman Paul Pindar accused him of presiding over a ‘highly unsatisfactory performance’ which has seen the share price plunge by 97 per cent from nearly 514p in 2017 to just under 15p on Friday.

Lecram Holdings, an investment vehicle for Adam Smith, argued that ‘urgent action is now essential to stabilise Purplebricks and restore its credibility within the investment community

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‘It’s disappointing that they chose to go to the media rather than engage with us.’

The spokesman said the company had implemented a number of initiatives to turn the firm around.

Purplebricks’s next full-year figures have been delayed until August with the company pointing to an underlying loss of £8.8million.

Earnings have been dented by claims related to failings in how it dealt with tenants in its lettings business – an issue that cost the company £3.6million.

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