![]() He was worth an estimated £815m in 2022 as his wealth swelled by £40m, according to the Sunday Times. He is a partner at Freston Ventures, the joint main shareholder in Strike. We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply. ![]() For more information see our Privacy Policy. Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. The company’s five biggest shareholders are the German publisher Axel Springer, which holds a 26.5% stake, JNE Partners (11%), Momentum Global Investment Management (7%), Pindar (5%) and Hargreaves Lansdown Asset Management (5%).ĭunstone, who founded businesses including Carphone Warehouse and TalkTalk, said that the deal represented a “positive outcome” for homebuyers and sellers. “However, there was no other proposal or offer which provided a better return for shareholders, with the same certainty of funding and speed of delivery necessary to provide the stability the company needs.” “I am disappointed with the financial value outcome, both as a 5% shareholder myself and for shareholders who have supported the company under my and the board’s stewardship,” the Purplebricks chair, Paul Pindar, said. Under the terms of the deal, Purplebricks will use about £5.5m in cash it has on its balance sheet to pay expenses and costs not covered by Strike, leaving shareholders around £2m in proceeds from the sale. Purplebricks admitted it was “disappointed” with the value of the deal, which would result in Strike assuming most of its liabilities, but said no better offers emerged during the sale process. ![]() The company’s board said all of the advanced talks held with potential suitors involved “some proposals to reduce or otherwise change the company’s workforce”. “Strike has however assured the board that its firm intention is to grow the business, which will require continued employee support and that any employees affected by redundancy will be treated fairly and equitably, consistent with Strike’s culture of respect.” “While this will require comprehensive planning, Strike has indicated it would like to complete this planning and initiate a redundancy consultation process, with the company’s assistance, that would likely involve all of the company’s employees as soon as practicable and possibly prior to completion ,” Purplebricks said. As part of the deal, Strike intends to embark on a cost-cutting drive that includes “reducing the employee base” at Purplebricks.
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