Purplebricks boss leaving due to ‘personal reasons’

Vic Darvey has been in the top job since May 2019.

The boss of estate agent Purplebricks is stepping down after nearly three years in the job due to “personal reasons”. (PA Media)

The boss of estate agent Purplebricks is stepping down after nearly three years in the job due to “personal reasons”.

Vic Darvey, who has been in the top role since May 2019, will leave at the end of March and hand over to chief operating officer Helena Marston.

His departure comes after he led a sweeping overhaul amid a difficult time for the group.

Chief executive Vic Darvey has been leading an overhaul at the group (Daniel Jones/PA) (PA Media)

It tumbled to a loss of £12.9 million in the six months to October 31 as it lost market share to rivals and suffered a 38% plunge in new instructions.

The firm had also suffered higher staff costs due to switching field agents from self-employed status to full employment last year, while it also recently revealed a £3.6 million hit from claims related to failings in how it communicated with tenants.

The group’s shares have plummeted as a result of its woes, losing more than 80% of their value in the past year.

Mr Darvey said: “While I am sorry to be leaving at this stage in the company’s transformation, we have a great team in place and a clear plan which I have every confidence Helena will deliver.”

Chairman Paul Pindar said Mr Darvey had led the firm through times of “considerable change and challenge”.

“We understand and respect his personal reasons for leaving and wish him the very best in the future,” he added.

Incoming boss Ms Marston – who takes on the role from April 4 – joined the firm in May 2020 as chief people officer, before taking on her current role at the end of last year.