Purplebricks delays appointment of new CEO as due diligence checks continue
Online estate agent Purplebricks has delayed the appointment of its new CEO amid reports of probes of a historic personal insolvency.
The troubled real estate firm revealed a delay in appointing Helena Marston on Monday, in an update to the London Stock Exchange.
Purplebricks stated that “due diligence checks required by the AIM Rules are ongoing and therefore Helena’s appointment remains subject to completion of these checks.”
It did not disclose any further details about the reasons for the delay and said a further announcement would be made as soon as possible.
According to a report in The Daily Telegraph, sources have said concerns relate to Marston being declared under her maiden name of Epplestone in September 2014.
Adviser Zeus was reportedly notified of a former personal insolvency through a questionnaire Marston completed. The incoming chief executive’s bankruptcy has been discharged, the newspaper reported.
Vic Darvey’s departure was revealed on 10 March, with the CEO citing “personal circumstances”.
Chief operating officer Helena Marston was set to step into the role from 4 April.
The estate agent has experienced its fair share of troubles over recent months, swinging to a loss of £12.9m in the six months to October 31 after losing market share to rivals.
Purplebricks was also beleaguered by a £3.6m bill from claims related to failings in how it communicated with tenants.
Its share price has taken a hit of over 84 per cent in the past year.
After the leadership update last month, a statement from the firm said: “Helena has worked closely with Vic on the strategy and new business model as well as implementing a number of the performance improvement initiatives.”
Marston joined the firm in May 2020 as chief people officer, before her current role at the end of 2021.