An activist investor has called for the chair of Purplebricks to resign as the online estate agent continues to burn through cash.
Lecram Holdings, the investment vehicle of Adam Smith, wrote to Purplebricks chair, Paul Pindar, saying that “urgent action is now essential”.
The letter urges Pindar to step aside in favour of a “replacement with necessary experience and skills to address urgently the company’s continuing cash burn and operating performance within the residential estate agency sector”. Pindar, a former boss of Capita, has been in place at Purplebricks since 2015.
