Activist investor tells Purplebricks chairman to resign
An activist investor who has built up a stake in Purplebricks has called on the company's chairman to resign after a massive fall in its share price.
Adam Smith has taken a 4% stake in the online estate agent, based in Solihull, which has seen its shares plunge 80% since listing in 2015 after enduring a series of profit warnings.
A letter to chairman Paul Pindar on behalf of Smith's investment vehicle Lecram Holdings said “urgent action is now essential” to restore the credibility of the company with investors.
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