Purplebricks founder Michael Bruce has stepped down as chief executive after the online agent admitted its expansion plans were “too rapid” in its latest financial results.
Chief financial officer Vic Darvey will step up with immediate effect.
The business also revealed it will exit the Australian market, claiming market conditions have become “increasingly challenging” and the “prospective returns from Australia are not sufficient to justify continued investment”.
The online agent also said it would review its business in the US after its launch last year.
The firm confirmed that it expects revenue to be in the £130m-£140m range it forecast in February, with cash balances to come in at £62m.
Paul Pindar, non-executive chairman, said: “We are very conscious that the group’s performance has been disappointing over the last 12 months and we sincerely apologise to shareholders for that.
“With hindsight, our rate of geographic expansion was too rapid and as a result the quality of execution has suffered.
“We have also made sub-optimal decisions in allocating capital. We will learn from these errors and will not make them again.”
Bruce’s departure follows those of UK and US chief executives Lee Wainwright and Eric Eckardt in February this year.
Wainwright departed for personal reasons after two years with the company and Darvey picked up the UK portfolio. Bruce picked up the US portfolio following Eckardt’s departure.
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