Purplebricks Group Plc: Directorate change

Purplebricks Group plc

(Purplebricks or the Company)

Directorate change

Purplebricks Group plc (AIM: PURP), the UKs leading tech-led estate agency business announces an update with regards to its Axel Springer Board representative, Ait Voncke.

Ait was appointed to the board as a representative of Axel Springer SE ('Axel Springer'), a 26.5% shareholder in the Company, in July 2022.  Following commencement of the strategic review announced by the Company on 17 February 2023, Axel Springer and the Company have been considering the regulatory and governance expectations around equality of information between shareholders during an offer period. After reviewing the position, Axel Springer has concluded that it will not maintain a board representative for the time being.  Accordingly, Ait has stood down from his position as a director of the Company with effect from 6 March 2023, for the time being.  Axel Springer retains a contractual right to appoint a representative to the board of Purplebricks at its discretion.

Ait Voncke, CEO of AVIV Group, said:

"Axel Springer is fully supportive of the strategic review and formal sale process being undertaken by the Purplebricks board. We are confident this review and process will benefit stakeholders and support the long term growth of the business."

About Purplebricks

Purplebricks is a leading technology-led estate agency business, based in the UK. Purplebricks combines highly experienced and professional Local Property Partners and innovative technology to help make the process of selling, buying or letting more convenient, transparent and cost effective. Purplebricks shares are traded on the London Stock Exchange AIM market.