The decision was taken by Axel Springer, who own 26.5% of the hybrid real estate portal, as PurpleBricks undergoes a strategic review and formal sale process. Axel Springer itself was mooted as a potential buyer of PurpleBricks.
Ait Voncke, who is chief executive of AVIV Group, Axel Springer’s online classifieds business for property became Axel Springer’s representative on PurpleBricks board in July 2022 as a non-executive director. Following the strategic review and after considering the regulatory and governance expectations around equality of information between shareholders during an offer period, Axel Springer has decided it will not maintain a board representative for now.
Voncke relinquishes his position from March 6, though Axel Springer retains the right to appoint a representative to the board of PurpleBricks at its discretion, the update said.
“Axel Springer is fully supportive of the strategic review and formal sale process being undertaken by the Purplebricks board,” Axel Springer said in the stock market update. “We are confident this review and process will benefit stakeholders and support the long-term growth of the business.”